Elon Musk Does A U-Turn On Taking Tesla Private

/ 6 years ago

Tesla is NOT Going Private!

Earlier this month, Elon Musk make rather a bold statement. Admittedly, that’s hardly unusual for the enigmatic CEO of Tesla, but this one raised more than a few eyebrows. In a 9-word Twitter post, Elon Musk declared that he was looking at taking Tesla private. This was, put simply, an intention to buy out all of the publicly owned shared with a little help from some private investors.

The news seemed to have more than a little legitimacy when several board members confirmed that loose discussions had been held.

A Cynical View

There were, however, some who had more than a cynical view of this. Some felt that he made the announcement purely as a means of screwing over stock traders who were ‘short-selling’ the company. Something that certainly got the attention of the SEC who launched several subpoena requests against the company.

In a report via SkyNews, it has all taken a fresh new twist. Elon Musk has now confirmed he no longer plans to take Tesla private. Well, that’s been an interesting month!

Tesla's Autopilot Elon Musk

Why The U-Turn?

In a fresh new Twitter post, Tesla has said just 2 words “Staying public”. In a follow-up statement, Elon Musk said: “I met with Tesla’s board of directors yesterday and let them know that I believe the better path is for Tesla to remain public.”

While this puts an end to the private-chapter of their history, the chances are that the SEC will still go ahead with a formal investigation of this. Specifically to see if Elon Musk used his position in some form of personal vendetta against stock market short-sellers.

Trust me, this isn’t over yet!

What do you think? – Let us know in the comments!

Topics: , , , , , ,

Support eTeknix.com

By supporting eTeknix, you help us grow and continue to bring you the latest newsreviews, and competitions. Follow us on FacebookTwitter and Instagram to keep up with the latest technology news, reviews and more. Share your favourite articles, chat with the team and more. Also check out eTeknix YouTube, where you'll find our latest video reviews, event coverage and features in 4K!

Looking for more exciting features on the latest technology? Check out our What We Know So Far section or our Fun Reads for some interesting original features.

eTeknix Facebook eTeknix Twitter eTeknix Instagram eTeknix Instagram
  • Be Social With eTeknix

    Facebook Twitter YouTube Instagram Reddit RSS Discord Patreon TikTok Twitch
  • Features

Send this to a friend