Tesla directors have confirmed Elon Musk’s plans to de-list Tesla in a $420 a share buyout – with speculation shares in the electric car company he co-founded could climb far above the mooted price.

Six board members said they had discussed Tesla being taken private with Mr Musk and held several meetings about the potential $72bn (£56bn) move.

In a statement, directors including 21st Century Fox boss James Murdoch said: “Last week, Elon opened a discussion with the board about taking the company private.

"This included discussion as to how being private could better serve Tesla’s long-term interests, and addressed the funding for this. The board has met several times over the last week and is taking the appropriate next steps to evaluate this.”

Billionaire Mr Musk sent Tesla shares surging on Tuesday when he tweeted he was “considering taking Tesla private at $420. Funding secured."