Musk posted on Twitter earlier this month that he was considering taking Tesla private. He said it would avoid the short-term pressures of reporting quarterly results.
Elon Musk has released an official statement outlining that it will remain public. Musk made the announcement Friday night via Tesla’s blog, deciding that the company will be better off public after a meeting on Thursday with his board of directors. Read an excerpt from his statement below.
Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company. Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own shares if we were private. Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was “please don’t do this.”