It's never a boring day when Elon Musk takes to Twitter.More news: Arsenal suffer injury blow ahead of EPL opener
The article said the state fund, overseen by the powerful crown prince Mohammed bin Salman, had been interested in buying newly issued shares.
Tesla's shares were up 6.5 percent at $363.46.More news: Khan's party says it has enough support to form Pakistan government
On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt. "Funding secured", Musk tweeted shortly before 1 p.m. on Tuesday. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla. The stock's past-year high was $389.61, with it trading as low as $244.59 in April.
It was not clear if Musk was serious, as he has a history of erratic tweets, and the company did not immediately respond to request for comment. Musk has had feuds with regulators, critics and reporters, and questions remain about Tesla's production and manufacturing difficulties, long-term demand for its cars and uncertainty over funding.More news: Former campaign aide to Trump testifies he committed crimes with Manafort