Tesla Not Going Private? Elon Musk Speaks
Tesla is known for their electric and innovative vehicles. Chief Executive, Elon Musk announced that the company is not going private after all. Mr. Musk stated that he believes the better path is for Tesla to remain public. Tesla's Board of Directors agreed with Mr. Musk's decision stating "the board and the entire company remain focused on ensuring Tesla's operational success."
Tesla's stock closed Friday at $322.82, which is far short of the $420 price that Mr. Musk said would be paid to those surrendering shares in the transaction. Mr. Musk happens to be Tesla's largest single shareholder, with owning a little under 20 percent of the company.
The official statement of Tesla remaining as a public company was announced via Tesla's official Twitter account.