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Tesla CEO Elon Musk earlier this month said on Twitter that he was considering taking the electric automaker private at $420 per share, adding that funding had already been secured. Musk clarified his stance nearly a week later in a follow-up blog post but we’ve since learned that Tesla will stay public after all.
In a blog post published Friday evening, Musk said that based on discussions that have taken place over the last couple of weeks and through consideration for what is best for the company, he came to realize a few things.
Based on shareholder feedback, Musk said it is apparent that most of the company’s existing shareholders believe they are better off proceeding as a public company. The sentiment, in a nutshell, Musk said, was “please don’t do this.”
The serial entrepreneur said he knew the process of going private would be challenging but upon further investigation, he realized it would be even more time-consuming and distracting than initially anticipated. That’s a problem considering Tesla “absolutely must stay focused on ramping Model 3 and becoming profitable.”
It would also add way more stress to his already busy life.
All things considered, Musk said he met with Tesla’s board of directors on Thursday and let them know that he now believes the best path is for the company to remain public. Musk said the board agreed.
“That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process,” Musk added.