Welcome to another episode of “Elon Musk and his imaginary world.”
In a shocking announcement made two weeks earlier, Musk announced on Twitter that he wishes to take Tesla private at $420 and the funding has been secured. The cryptic tweet jolted not only the shareholders but the entire set of people who keep a close watch on Tesla.
In a recent blog post on Tesla’s official website, Elon has made a U-turn and has said that the better path for Tesla is to remain public.
The post said that the decision has been taken after consulting the investors and board of directors. In the post, Musk said, “it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company.”
He further explained that the process to take Tesla private is more challenging, time-consuming, and distracting than he thought it would be. Mr. Musk focused on becoming profitable because only then Tesla can achieve the mission of making advancements int he field of sustainable energy.
In a related development, just recently, Elon Musk opened up in an emotional interview to the New York Times where he described how his responsibilities are affecting his personal life and also explained the store behind his tweet regarding taking Tesla private.
The announcement that Tesla will remain a public company is a sigh of relief for shareholders and investors, and it remains to be seen how things turn out in the future.