California: After due consideration, Tesla CEO Elon Musk has finally arrived at his decision of keeping the company public. Earlier this month, the founder had posted a tweet about considering to take Tesla private at $420.
However, in his blog aptly titles ‘Staying Public’, Musk revealed that after consulting his current investors and shareholders in the company, it has been decided to keep Tesla public.
Musk wrote that while a majority of shareholders said they would remain with Tesla even if it went private, the sentiment in a nutshell was ‘please don’t do this’. Going private would have been more time-consuming and distracting than anticipated.
Tesla will continue to focus on building products such as the Model 3 which Musk intends to ramp up and make profitable. And in order to achieve this, the company needs to be financially sustainable which is also the reason why the decision to keep Tesla public has been made.