Elon Musk Changes His Mind: Tesla Will Remain A Public Company

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Lately, it seems like if a Monday doesn’t start with some Elon Musk, it’s not truly a Monday. Tesla’s controversial CEO has published a blog post on Friday evening where he speaks about turning around from his initial decision to try and take Tesla private.

“It’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” he said. “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.”

According to Musk, he had met with the Tesla board of directors and they have unanimously agreed that Tesla is better placed as a public company. Initially, the board of directors had formed a committee to evaluate the Tesla buyout efforts, in the wake of Elon Musk’s apparent decision to take Tesla private.

Read About It:✍️ Tesla Buyout: Company Forms Committee To Evaluate Proposals While The SEC Is Investigating Elon Musk✍️

The Committee was eventually dissolved on August 23rd, according to a statement coming from the board itself:

Yesterday, we held a board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the board that, after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The board and the entire company remain focused on ensuring Tesla’s operational success, and we fully support Elon as he continues to lead the company moving forward.

In addition to that, Tesla’s shares have suffered an instant fall, according to Reuters, after Elon Musk’s announcement on Friday. So far, there have been no other official statements from the company.