Elon Musk Has A Change Of Heart, Says Tesla Will Remain Public

Less than three weeks after claiming that he had secured the required funding and was taking Tesla private, Elon Musk says the electric carmaker will remain a public company.

In a late-night blog post, the outspoken CEO said he changed his mind after discussions with current shareholders about the best course of action to secure Tesla’s future.

“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,” Musk wrote.

Tesla’s reversal is as abrupt as the initial announcement

Musk went on to assert that the process of taking Tesla would have been more challenging than he initially expected, distracting the company from its immediate aims of ramping up Model 3 production and becoming profitable.

After pondering the best way to move forward, Musk said he approached Tesla’s Board of Directors and said that he believed the best decision was to keep Tesla public. The directors agreed.

Musk caused chaos on August 7, when he published a tweet that he was considering taking Tesla private at $420 a share. This led to a spike in the company’s share price before trading was halted. Shortly afterwards, the Securities and Exchange Commission announced that it was investigating the matter.

During a recent interview with The New York Times, Musk confirmed that he issued the tweet without informing the board. He has since taken lots of flak both for his erratic behavior, as well as being capable of running Tesla. It remains to be seen whether his critics will be silenced now that the status quo will be maintained.

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  • Bo Hanan

    He got fat. It’s not a good look for him.

    • danno

      Too much fast food, too stressed

      • Хиллари сосет киску

        Bill Clinton disease! (McDonalds)

    • Хиллари сосет киску

      Snake oil for sale… cures all! Get your snake oil here, only 35,000$… eerrrr.. I mean 75,000$. Snake oil…

      • Big Black Duck

        so how does putin taste like?

    • Six_Tymes

      stress, it does that to people

    • Bob White

      He’s trying to maintain his image and stamina with hair plugs and steroids which also lead to weight gain.

  • brn

    Needs to stay off of twitter. It’s too easy to say what might be in your head, while not thinking clearly. Any one of us would get in trouble that way, and he’s in trouble for that statement.

    • Jay

      I can think of someone else that needs to do the same but hey this isn’t politicalscoops.

      • fabri99

        Well, I was just about to write that.

        • ME

          Soy boy alert!

      • ME

        Soy boy alert

    • fabri99

      “any of us”
      Not really. A lot of famous/influential/powerful people use twitter and social media in general without making a fool of themselves. I’m not sure someone who cannot handle a twitter profile should run a company (let alone a nation).

      • brn

        Any of use that overwork ourselves the way Elon does and takes drugs (Ambien) to deal with it. Put yourself in that state of mind and then sit yourself down in front of twitter. Bad news.

        • fabri99

          Or overworks its employees too, but that’s a story for another day.

  • Mr. EP9

    So then what was the point of the tweet then? Was it really to manipulate the stock? Who knows? What I do know is that the SEC investigation is still ongoing and those lawsuits haven’t been dropped. Musk is going to be busy for awhile getting that mess sorted out.

    He should really stay off of Twitter.

    • Хиллари сосет киску

      That’s the least he needs to do.

    • Pavo

      He did it to hurt the shorts, so yes stock manipulation. He should be put in jail.

  • Six_Tymes

    At least he listens, unlike many other CEO’s

    • danno

      To the voices in his head?

  • Bob

    Oh boy.

  • Сафиуллина-Мохамед Рамазанов

    I bid it’s all because the Saudis put money on another electric company

  • charlotteharry57

    He looks beyond stoned in that picture.

    • Хиллари сосет киску

      Meth is a hellofa drug!

      • Big Black Duck

        yes..you would know my little russian agent

  • mihsf

    “Funding secured” but then discovered that institutional investors have limited capabilities. He clearly admitted nothing had been secured. What a moron.

  • Brent Morrison

    Elon says alot of things.

  • Rocket

    Change of heart my ass. There was no secured funding, and everybody knows it.

    • Brent Morrison

      He is desperate to find a buyer

      • Хиллари сосет киску

        At that valuation, No chance!

        • Big Black Duck

          russian agent

  • Basically he was saying, the funding back out thanks to my hastily tweeted messages.

  • ▶️ ProtectOurHeritage ◀️

    This has been as misleading and manufactured as Volkswagen’s dieselgate scandal.
    Musk should be charged for market manipulation.

  • Хиллари сосет киску

    Will ya take 2?

  • Bob White

    Looks like the acid and weed has worn off.

    Regardless, billions in lawsuits are on the way.

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