Tesla CEO Elon Musk has announced he will not take the company private, as he had previously considered.
Mr. Musk tweeted in early August that he was exploring his options for taking Tesla private, which led the Securities and Exchange Commission to open an investigation into the matter. fter reviewing his options with investors, Mr. Musk decided it would be better for Tesla to remain publicly traded.
"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," Mr. Musk wrote in a blog post. "Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company."
Rather than spend valuable time and energy taking the company private, Mr. Musk said it is more important for Tesla to focus on reaching Model 3 production goals.