Elon Musk drops plan to make Tesla private
- Tesla CEO Elon Musk will not be making the company private anymore. This decision was taken following a board meeting on August 23.
- “Elon communicated to the board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private,” Tesla board members revealed.
- This announcement comes just two weeks after Musk previously revealed his plans to make the EV company private, following which Tesla’s share price have dropped by 20 per cent.
- On 7 August, Musk stunned everyone by claiming that he had funding secured for a deal which would take Tesla private at a value of $72 billion.
- Tesla had reported a record loss on 1 August this year, but Musk claimed that he expected the company to turn profitable from H2 2018 onwards.