Wednesday, August 29, 2018

Elon Musk announces that he will not finally withdraw Tesla from the Stock Exchange

Elon Musk announces that he will not finally withdraw Tesla from the Stock Exchange

"Most want it that way," admits the CEO of the electric car manufacturer

Elon Musk thinks twice. The CEO of Tesla now believes that "the best thing" for the company and its shareholders is to continue trading on Wall Street . "The majority wants it that way," the executive admitted. The rectification was made in agreement with the board of directors.

The announcement of the decision was made late Friday night on the blog of the electric car manufacturer. Musk defended to take society out of the stock market to avoid pressure from investors who bet against the company. "I knew the process would be complicated," he says.

Then he says that the operation was going to take a lot of time and would create a greater "distraction" than he expected when three weeks ago he hung up his controversial message on his Twitter account. In the successive hours he even claimed that he had the capital to do it.

The commotion led the stock market supervisor to initiate an investigation to determine if Musk violated any rule with the announcement, because it coincided in time with the maturity of the bets to the downside. The immediate reaction was a strong appreciation.

But in the successive days more uncertainty could. The most urgent challenge for Tesla is to demonstrate that it can take forward the mass production of the Model 3 utility, so that the company is profitable in a sustained manner. Musk controls 20% of society .

The announcement closes it saying that financial viability is key to carry forward his vision of achieving an electrified world. "We fully support Elon," the council members say. The executive reiterates that he will continue to lead society, "it is a privilege".

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