Tesla CEO Elon Musk said on Tuesday he'd like to take the electric car company private, although a final decision has yet to be made. Musk posted a letter on Tesla's website following a short announcement on Twitter clarifying his possible intention. "As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders," Musk wrote. "Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term."

Musk also claims he's secured funding to take the automaker private at $420 a share. As a direct result of Musk's announcement, Tesla's stock price jumped by 11 percent and ultimately closed the day up 10.99 percent. If Tesla were to go private, Musk wrote that current investors can remain "investors in a private company, or they can be bought for $420 per share, which is a 20 percent premium over the stock price following our Q2 earnings call." Musk also countered critics who may rush to claim the billionaire CEO wants more control over the company.

"This has nothing to do with accumulating control for myself. I own about 20 percent of the company now, and I don't envision that being substantially different after any deal is completed." Musk's overall goal is for Tesla to operate efficiently, a task he believes will be best accomplished if it's a private company. He mentioned SpaceX as one example.

"Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible," he added. Musk's proposal follows Tesla's Q2 earnings report, which he previously referred to. However, the company lost over $700 million during that three-month period.