Musk says going private would free Tesla
NEW YORK (AP) – Tesla CEO Elon Musk is laying out his rational for possibly taking the company private, saying the move would free the electric car maker to focus on long-term goals, rather than the quarterly concerns of Wall Street.
Musk detailed his proposal in a blog post on the company’s website Tuesday, hours after stunning the company’s followers by casually tweeting that he might take it private.
Musk complains that Tesla is “the most shorted stock in the history of the stock market” and many people “have the incentive to attack the company.”
He says no final decision has been made. But he says any deal would be structured so that shareholders could opt to remain investors or be bought out at $420 per share.
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