Billionaire, Elon Musk announced his company will remain a public company despite a surprisingly Twitter missive to the contrary earlier this month. Musk announced the news in a late-night press release Friday.
Musk said his decision came down to consultation with the company’s board, which preferred to remain a public company.
“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” Musk said in the statement. “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. Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this.'”
Musk surprised the country, not to mention the stock market, when he fired off a nine-word tweet on Aug. 7 saying he was considering taking Tesla private.
“Am considering taking Tesla private at $420. Funding secured,” he tweeted at 12:48 p.m.