Elon Musk Is Considering Taking Tesla Private
Tesla has been a public company since 2010 and its CEO Elon Musk has now expressed his desire to take the company private. Communicating the desire through his preferred mode of communication, Musk tweeted that he’s considering taking Tesla private at $420 per share. That would not only require approval from the board and the shareholders but also a substantial amount of money. “Funding secured,” Musk added in the tweet.
Soon after tweeting, Musk sent an email to Tesla employees and mentioned that it wasn’t just a weed joke and that he’s seriously considering taking the company private. “The reason for doing this is all about creating the environment for Tesla to operate best,” he wrote.
The details of how this will be processed are slim. An offer would be made to purchase Tesla stock at $420 per share. However, Musk also said that existing shareholders would be given the choice to either sell their shares to remain with Tesla as it goes private.
Musk mentioned in another tweet that he has the funding required to execute this buyout but doesn’t say where it’s going to come from. He also clarified that he won’t be selling his almost 20 percent stake in the company during the buyout and that he would remain CEO after the company goes private.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
You May Also Like
Popular Right Now
- First Shutdown of Niagara Falls in 12,000 Years: A Rare Sight to Behold
- Former Google Engineer claims that humans will achieve immortality soon
- Romotow: The Foldable Camping Trailer Inspired By A USB Flash Drive
- LYRA: Swiss Startup Unveils AR Smart Glasses for Office Work, City Life, And Traveling
- Man Caught in China Smuggling $46K Worth of Intel CPUs Wrapped Around His Waist
- iPhone 15 Pro Max may bring thinner bezels than Xiaomi and Samsung’s latest flagships
- OpenAI's new GPT-4 with a "human-level performance" scored up to 93% on SAT exams
- iPhone SE 4 could be Apple's secret weapon to 'steal' budget customers from Samsung
- Lenovo Launches New Workstations, With Aston Martin DNA
- Ubergizmo’s Best of Mobile World Congress 2023
- TCL NXTPAPER 11 Tablet With Paper-like Screen Experience
- Nothing Phone 2 Coming To The U.S. In Late 2023
- Ubergizmo’s Best Of K-Startup @ CES
- Intel Core i9-13900T Shows Extraordinary Efficiency In Early Benchmarks
- Ubergizmo’s Top 3 MIK Products @ CES 2023
- Three LG gram Laptops For 2023. The Lightest Got Even Lighter