--- title: "Tesla Will Stay Public, Musk and Board Confirms" description: "In corroborating statements, both Elon Musk and Tesla's board confirm the automaker will not go private." date: "2018-08-25" modified: "2018-08-25" authors: - name: "Rob Stumpf" job_title: "Contributor" link: "https://www.thedrive.com/authors/rob-stumpf" url: "https://www.thedrive.com/news/23133/tesla-will-stay-public-musk-and-board-confirms" categories: - "Car Tech" - "Electric Vehicles" - "News" - "News by Brand" - "Tesla News" tags: - "Electric Cars" - "Electric Vehicle" - "Elon Musk" - "Financial" - "Tesla" --- # Tesla Will Stay Public, Musk and Board Confirms ![]() *\www.thedrive.com\* "I believe the better path is for Tesla to remain public," wrote Tesla's CEO Elon Musk in an open letter published late Friday evening, announcing the reversal of his [plan to take the company private]() at $420 per share that he made only weeks prior. The announcement came in the [form of a blog post]() on Tesla's website penned by Musk himself and was accompanied by an [official statement]() from other members of the automaker's board. Written in the body shows that after deliberation that involved the feedback of shareholders, the company would not pursue privatization despite having consulted with financial institutions Silver Lake, Goldman Sachs and Morgan Stanley. Despite the initial Tweet of "[funding secured]()," Tesla seemed to have been working to find an investor to actually take the company private shortly after. Rumors swarmed of Saudi Arabia's Public Investment Fund (PIF) being a potential key stakeholder in Tesla's buyout, however that was [quickly dispelled]() in followup reporting. It's not clear if Tesla was looking at the other financial institutions for backing, or if it had an unnamed source of funding elsewhere. https://twitter.com/\_/status/1033229945382858753 Musk elaborated that a large portion of the decision making behind scrapping the plan was the focus needed to continue growing the Model 3 production and bringing the company to a profitable state, which it [predicts will occur next fiscal quarter](). The decision, according to the CEO, is right for the company and shareholders in order to create [long-term value for the Tesla](). "Moving forward, we will continue to focus on what matters most: building products that people love and that make a difference to the shared future of life on Earth," wrote Musk in his statement. "We’ve shown that we can make great sustainable energy products, and we now need to show that we can be sustainably profitable. With all the progress we’ve made on Model 3, we’re positioned to do this, and that’s what the team and I are going to be putting all of our efforts toward." ## Author After putting down the camera and leaving the tuner car scene behind, Rob has been covering the automotive world since early 2017. Rob’s blend of technology and automotive backgrounds coupled with his industry insight give a unique perspective of what the future of mobility holds. ### Author social links [Instagram]() [Twitter]()