Saudi Arabia's sovereign wealth fund has acquired a significant position in Tesla shares, according to the Financial Times.
The media outlet said the Saudi's Public Investment Fund bought a 3 percent to 5 percent stake in the electric car maker, according to people with direct knowledge of the matter.
The stake is worth $1.9 billion to $3.2 billion at the company's current share price.
Reuters later confirmed the Saudi fund bought a stake "at just below 5 percent" of the company, according to a source familiar with the matter.
Tesla shares later jumped further after a tweet from Musk's verified Twitter account, which mentioned taking the company private.