Elon Musk, chairman and chief executive officer of Tesla Motors now says the company will stay public. (David Paul Morris/Bloomberg)Elon Musk reversed course Friday, saying he would keep Tesla as a publicly traded company, bowing to apparent pressure from his own shareholders while the federal government reportedly investigated his attempt to take the car company private. But soon after Musk’s announcement that he wanted to take Tesla private, questions emerged as to the exact nature of his proposal and whether he had secured the funding to take the company private, as he had claimed on Twitter. The Securities and Exchange Commission took interest, probing whether Musk had misled investors about the nature of his financing. For his part, Musk told investors at one point that he had reason to believe Saudi Arabia could provide the billions of dollars necessary for such a buyout.

Source: Washington Post August 25, 2018 03:42 UTC