Elon Musk's U-turn on Tesla deal could intensify his legal, regulatory woes
Updated : August 27, 2018 10:24 AM IST
Explaining his reversal in a late-night blog post on Friday, the billionaire CEO said that taking the company private “would be even more time-consuming and distracting than initially anticipated,” and that “most of Tesla’s existing shareholders believe we are better off as a public company.”
Musk and Tesla are facing investor lawsuits and a US Securities and Exchange Commission investigation into the truthfulness of the CEO'S Aug. 7 tweets, according to an Aug. 8 report by the Wall Street Journal.
Musk has stuck to his original statement that he believed a deal was possible, and one person familiar with the discussions told Reuters that Musk was serious about taking the carmaker private.
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