On second thought, nevermind.
Nearly three weeks after rocking Wall Street with a simple tweet: “Am considering taking Tesla private at $420. Funding secured,” Elon Musk did an about-face.
“I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated,” Tesla’s eccentric founder said in a Friday-night blog post.
Musk said he and Tesla’s board agreed Thursday to back off the buyout idea, and admitted that both retail and institutional shareholders expressed misgivings about the electric car company going private.
“The sentiment, in a nutshell, was “please don’t do this,” Musk wrote.
The late-night blog post, which was accompanied by a separate statement from Tesla’s independent board members, caps off a wild few weeks for the automaker.
Musk’s go-private tweet, delivered on Aug.7, initially sent shares soaring 11 percent to $379.57.
But after the initial exuberance from Tesla bulls, skepticism hit the stock as many wondered how Musk “secured” the financing for what was estimated to be a $72 billion buyout — a going-private deal that would be the largest ever.