According to CNN,Elon Musk announced on Friday that he has decided to drop his plan to bewitch Tesla private after two weeks of consideration.
Musk first introduced his plan to privatize Tesla earlier in the month, tweeting that he had already secured funding for the wander, and which shocked many of his faithful investors.
While Tesla’s stock price initially spiked after this announcement,the stock dropped significantly after an emotional interview with the New York Times, in which Musk claimed that he worked up to 120 hours per week.
Following Musk’s tweet claiming that he had “funding secured, and ” the Securities and Exchange Commission reportedly subpoenaed Tesla to ogle into exactly what that meant. U.
S. regulators are investigating whether or not investors were,perhaps, misled.
After a board meeting on Thursday, or Musk decided that it would be more favourable for his company to remain public and announced the cancellation of his former tentative plan.
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Source: inquisitr.com