Tesla Inc. CEO Elon Musk says investors have convinced him that he shouldn't take the company private, so the firm will remain on the public stock markets.
The eccentric and sometimes erratic CEO said in a statement today that he made the decision based on feedback from shareholders, including institutional investors, who said they have internal rules limiting how much they can sink into a private company.
Musk met with the electric car and solar panel company's board on Friday to tell them he wanted to stay public and the board agreed, according to the statement.
In an August 7 post on Twitter, Musk wrote that he was considering taking the company private. He said it would avoid the short-term pressures of reporting quarterly results.
The tweet said funding had been secured for the deal, but the company later said the details still had to be worked out with Saudi Arabia's Public Investment Fund.
