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Elon Musk announced that Tesla would remain a public company

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Elon Musk announced that Tesla would remain a public company
August 28
09:00 2018

Elon Musk has reported that Tesla won’t change its status and remain a public joint- stock company. Most owners don’t support the idea of buying shares.

The company said that the holders of shares didn’t agree with the repurchase. They don’t want to transform the firm into a private company, because in this case they will face a number of financial constraints. Because of this, the board of directors agreed to leave the current status. Now Tesla is a public joint-stock company.

The founder of the company Elon Musk believes that at the moment it is necessary to concentrate on the future of Model 3, which will lead Tesla to self-sufficiency. He noted that the company’s strategy should be aimed at products that people liked and that were able to change the life on the planet. “We have already proved that energy products can be sustainable, now the only thing is to prove that our production can be profitable.”

In early August, Mr. Musk told about his plan concerning the buyout of the company. He hinted that Saudi Arabia was interested in it. Within a few years, the local Welfare Fund expressed its intension to buy Tesla many times. When the Public Investment Fund bought a 5% stake in the company, there was held a meeting, at which the Head of the Fund announced that he could buy the whole company.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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