On Friday evening, Tesla CEO Elon Musk said that changing course after its sudden announcement three weeks ago and will save Tesla a company whose shares are publicly traded.
“Obviously, most of the existing shareholders of Tesla believe that it is better to be a public company,” he wrote. “In addition, a number of institutional shareholders explained that they have internal problems with compliance with the rules and laws that limit how much they can invest in a private company. It is also unknown whether there will be a majority of retail investors in the stock, if we become private”.
Musk noted that he met with the Board of Directors of Tesla on Thursday and gave them to understand that “believes that the best way for Tesla to stay public. The Council expressed its approval”.
What is the Board of Directors of Tesla?
“Over the past few weeks, we started the process at a Special Council Committee to evaluate proposals Ilona at Tesla,” wrote the Council.
“Yesterday a meeting of the Council, during which Elon said that considering all factors, he no longer thinks it is best to make Tesla private. After that, we dissolved the Special Committee. The Board and the entire company remains focused on achieving operational success in Tesla and we fully support the Ilona as it continues to push the company forward.”