Elon Musk Keeping Tesla Public

Elon Musk said in a statement that investors urged him to keep the embattled electric carmaker on the open market, where it trades on the Nasdaq.

“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,’” he said.

The Tesla board of directors released a separate statement, saying it agreed with the decision.

The issue began on August 7 when Musk tweeted that he was “considering” taking the company private at $420 a share. He also stated that he had secured funding for the move. The statement, catching investors and board members by surprise, prompted the US Securities and Exchange Commission to launch an inquiry because of strict federal rules related to a public company revealing major moves to the stock-holding world at large.

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