Elon Musk Reverses Plan To Take Tesla Private

Elon Musk Reverses Plan To Take Tesla Private

James Kirk 5 months ago

Tesla chief executive Elon Musk says he will no longer be taking the electric car maker private, just two weeks after saying he was considering a deal.

The plan was cancelled after a board meeting on Thursday, he wrote in a post published on the company's site.

The billionaire entrepreneur stunned investors earlier this month when he tweeted that he had secured funding to remove the electric-car maker from the stock market, report CNN and the BBC.

The shock announcement sent Tesla's (TSLA) stock on a wild ride, reportedly drawing scrutiny from regulators and lawsuits from investors. Musk, the company's CEO, also faced increasing skepticism that he could pull off the move.

75I met with Tesla76s website Friday. 7778type79p80contents81type82text83contents84Musk said his change of heart came after talking to Tesla investors and realizing that taking the company private would be harder than he originally thought.85type86p87contents88type89text90contents9192 he said.93type94p95contents96type97b98contents99type100text101contents102Image credit103type104text105contents106: AFP "

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