Saturday, December 3, 2022
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Elon Musk seems to be having no plans of taking Tesla private anymore

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Musk took a significantly different tone from what he had previously held when he praised the advantages of Tesla being a publicly traded company during Tesla’s AI Day presentation on Friday.

“Tesla… being a single class of stock owned by the public is very important and should not be overlooked. I think this is essential because if the public does not like what Tesla is doing … the public could buy shares in Tesla and vote differently,” Musk said.

“This is a big deal. It’s very important that I can’t just do what I want. Sometimes people think that, but it’s not true,” he added when discussing Tesla’s plans to develop its humanoid AI robot.

The Tesla CEO caused a stir when he tweeted that he was thinking about taking the business private just over four years ago.

Tesla
credit: businessinsider
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Musk settled fraud charges with the SEC for allegedly making “false and misleading claims” one month after posting that tweet. Musk resigned as Tesla’s chairman and paid a $20 million fine, but he neither confirmed nor disputed the charges.

Whether Musk would pay $44 billion for Twitter is the subject of a legal dispute between him and the social media business. A sizable loan secured by Musk’s Tesla shares was used to pay for his initial takeover offer. Tesla’s stock has fallen more than 30% this year, which might put him in a more precarious financial situation if his deal to purchase Twitter is upheld as binding.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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