Is Tesla soon going to be a private company? Tuesday’s tweet from Elon Musk reads, “funding secured” at $420 per share.
In his letter posted on Tesla’s blog, Musk said that he wants to turn Tesla into a private company because he is concerned that its stock price swings and short-selling on the market are potentially hammering the company’s prospects and could be hurting its employees who are shareholders.
He wants to maintain his stake – 20% - in the company, while also encouraging existing shareholders to stay invested even if the company goes private.