Musk says investors convinced him Tesla should stay public

Michigan
US_Tesla_Musk_88065-159532.jpg97826353

FILE – In this March 9, 2013, file photo, Electric car maker Tesla’s CEO Elon Musk gives the opening keynote at the SXSW Interactive Festival in Austin, Texas. Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an “excruciating year.” In […]

Tesla Inc. CEO Elon Musk says investors have convinced him that he shouldn’t take the company private, so the firm will remain on the public stock markets.
  
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 an Aug. 7 post on Twitter, Musk wrote that he was considering taking the company private. He said it would avoid the short-term pressures of reporting quarterly results.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Michigan Headlines

More Michigan

StormTracker 6 Radar