TechCrunch's Megan Rose Dickey shares a look at the email Tesla published from CEO Elon Musk to his employees announcing his rationale for taking the company he founded private.
While no decision has been made yet, as Musk wrote in the email, Musk says it’s “the best path forward” because taking Tesla private would help minimize some of the distractions that come as a result of “wild swings in our stock price.”
Going private would also enable Tesla to make decisions that are best for the long-term, rather than the short-term, he said.
“Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company,” Musk wrote in the email.
He later adds, “This proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us.”
Following Musk’s tweet announcing his desire to take Tesla private, Tesla shares jumped before getting halted on the stock exchange. Tesla shares have since reopened.
Read the full email at TechCrunch.