CEO Elon Musk: Tesla will remain a public company

Enlarge / SpaceX, Tesla and The Boring Company founder Elon Musk speaks at the 2018 SpaceX Hyperloop Pod Competition, in Hawthorne, California on July 22, 2018. (credit: ROBYN BECK/AFP/Getty Images)

In a blog post published Friday evening, Tesla CEO Elon Musk said that he would change course from his sudden announcement three weeks ago, and would actually keep Tesla as a publicly-traded company.

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

Musk noted that he had met with the Tesla board of directors on Thursday and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.”

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Source: Ars Technica

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