Musk says he may take Tesla private and shares roar

Tesla CEO Elon Musk says he is considering taking the electric car maker private.

Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet. He said is considering taking the company private at $420 a share and already has secured funding.

Tesla shares are up more than 5 percent at $360.64.

Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.

The accelerator pedal pad may dislodge and become trapped by the interior trim, according to a filing with the National Highway Traffic Safety Administration.

The recall involves model year 2024 Cybertrucks made between Nov. 13, 2023 and April 4, 2024, according to the NHTSA.

As of Monday, Tesla was not aware of any collisions, injuries or deaths related to the issue, the NHTSA said. Cybertrucks in production had been outfitted with a new accelerator pedal component by Wednesday of this week, according to the NHTSA.

Tesla, which is headed by billionaire Elon Musk, said that it will replace or repair the accelerator pedal assembly for free. Owners may contact Tesla customer service at 1-877-798-3752. Tesla’s number for the recall is SB-24-33-003

Notification letters are expected to be mailed to vehicle owners in June.

The automaker delivered the first dozen or so of its futuristic Cybertruck pickups to customers in November, two years behind the original schedule, with uncertainty over when large-scale production could begin.

Musk addressed the difficulties of mass producing the vehicle, saying during the company's third-quarter conference call in October that “we dug our own grave with Cybertruck.”