23rd October 04:34 PM
Elon Musk considers making Tesla a private company
By Semi Turaga
Wednesday 08/08/2018
Tesla boss Elon Musk [Photo: Getty Images]

Tesla boss Elon Musk is considering taking the electric‑car firm private, a move he claimed was the “best path forward” for the company.

Musk said de‑listing from the stock exchange meant Tesla would no longer be pressured into making short‑term decisions to appease investors.

In an unusual move, Mr Musk first made the announcement on Twitter rather than via an official regulatory disclosure.

Musk said investors backed the plan which requires a shareholder vote.

He said shareholders would be offered $420 per share ‑ around a fifth higher than the current price.

Musk claimed to have secured funding to buy out shareholders, but did not offer any further detail.

However, he also warned that “a final decision has not been made” about the move.

[Source: BBC]

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