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Elon Musk Says Investors Convinced Him Tesla Should Stay Public (washingtonpost.com)
Weeks after Tesla CEO Elon Musk expressed his intentions to take his company private, on late Friday, he said investors have convinced him that he shouldn't take the company private, so the firm will remain on the public stock markets. From a report: The eccentric and sometimes erratic CEO said in a statement late Friday that he made the decision based on feedback from shareholders, including institutional investors, who said they have internal rules limiting how much they can sink into a private company. Musk met with the electric car and solar panel company's board on Thursday to tell them he wanted to stay public and the board agreed, according to the statement. In a blog post, Mr. Musk shared the rationale behind his decision, to which he arrived after speaking with investors, both large and small, banks and others. He said: 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. 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."
I knew the process of going private would be challenging, but it's clear that it would be even more time-consuming and distracting than initially anticipated. This is a problem because we absolutely must stay focused on ramping Model 3 and becoming profitable. We will not achieve our mission of advancing sustainable energy unless we are also financially sustainable. That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process.
I knew the process of going private would be challenging, but it's clear that it would be even more time-consuming and distracting than initially anticipated. This is a problem because we absolutely must stay focused on ramping Model 3 and becoming profitable. We will not achieve our mission of advancing sustainable energy unless we are also financially sustainable. That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process.
I'm sure the persuasiveness of Cathy Wood of ARK on CNBC today convinced Musk and the board that Tesla is worth $4K a share and should stay public. Even to a six year old it's plain Musk is a conman and fraud.
You should have sold at 320. Tesla is a liability even at $4.20. And the free ride is gone, the competition both at the top and at the bottom has come and is better.
Total bullshit. There was no request from the rescue team for Musk's sub. It was just an ego thing. You are a liar, Rei. Even you will realize your drugged God is nothing but a narcissist conman.