The tweet sparked a social media firestorm, catching investors and board members off guard and prompting the U.S. Securities and Exchange Commission to launch an inquiry because of strict federal rules on a public company revealing major moves to the stock-holding world at large.
Musk said going private would be too time-consuming and would prevent some of his most loyal investors from joining the venture because of “internal compliance issues that limit how much they can invest in a private company.”
“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” he said in the statement.
But he remained defiant.
“That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process,” Musk said.
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