It's been a crazy couple of weeks for Tesla stock owners. CEO Elon Musk spoke frequently about the idea of selling Tesla and privatizing it. Now Musk is stating that Tesla will remain publicly traded.
It began two weeks ago, when Musk tweeted the idea of making Tesla private at $420 a share, claiming that funding for this decision was secure. Given Musk's history, many took this as a joke. The number 420 commonly associated with jokes about marijuana.
Things grew more serious when Musk met with a Saudi Arabian fund who had expressed interest in buying out Tesla. Things grew more serious when the Securities and Exchange Commission began investigating Musk, under the suspicion that his funding statement was invalid, and an effort to manipulate stock prices.
This then concluded with a Tesla board meeting recently, where they decide that it's better keeping Tesla public. They state that "it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company."
This was a lot of hubbub over nothing in the end, I suppose.
Tesla Will be Staying Public, After All
Posted By: LizardRock | 0 Comment(s)
Posted On: Aug 27, 2018 @ 04:51 PM