Business Insider today:Elon Musk announces proposal to take Tesla private, but says no final decision has been made.Tesla CEO Elon Musk said on Tuesday that he wants to take the company private at $420 per share.
“Am considering taking Tesla private at $420. Funding secured,” Musk first said via Twitter before issuing a formal statement on the company’s website.
Musk said in the statement that a shareholder You cannot miss this trending Youtube video!!!!vote must be held before a final decision is made. But he said in a tweet that investor support was confirmed .
Taking the company private is “the best path forward,” Musk said in the statement. He said the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term. “I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve,” he said.
Musk also said via Twitter that he wouldn’t expect to have a controlling vote if the company went private and wouldn’t sell Tesla stock. He added that he would remain CEO of the company.
“I don’t have a controlling vote now & wouldn’t expect any shareholder to have one if we go private. I won’t be selling in either scenario,” he said .
Musk added thatTesla will create a “special purpose fund” if the company goes private so current Tesla shareholders can keep their investments in the company. He said new investors would have the opportunity to purchase stock around once every six months.Get more traffics to your blog
“My hope is *all* current investors remain with Tesla even if we’re private. Would create special purpose fund enabling anyone to stay with Tesla. Already do this with Fidelity’s SpaceX investment,” he said .