Latest in Business

Image credit: Getty Images

Tesla's board discussed going private before Musk's tweets

Yesterday's news wasn't the product of a rogue CEO.
195 Shares
Share
Tweet
Share
Save

Sponsored Links

Getty Images

Turns out not everyone was in the dark about Elon Musk's plans to take Tesla private. A post from the board on the electric-vehicle manufacturer's investor relations site says the idea came up last week during a board meeting. "This included discussion as to how being private could better serve Tesla's long-term interests, and also addressed the funding for this to occur." So, in theory, the entire board went along with CEO Musk's sophomoric pot reference stock-buyback price. The brief post concludes that the board has met several times since to evaluate the move.

In an internal email Musk published yesterday, he said that the big reasoning for potentially taking the company private was one of insulating the shareholders and employees from worrying about the stock price -- a "major distraction". Considering that anytime Musk tweets he could send the stock price soaring (like yesterday afternoon) or crashing, that's probably a good enough reason for the board to approve such a measure.

It's not like Musk has ever trolled anyone on Twitter anyway. Right?

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
195 Shares
Share
Tweet
Share
Save

Popular on Engadget

Engadget's 2019 Back-to-School Guide

Engadget's 2019 Back-to-School Guide

View
Watch and listen to THX's new Deep Note trailer with spatial 3D audio

Watch and listen to THX's new Deep Note trailer with spatial 3D audio

View
Facebook loses Oculus executive who led its mobile VR efforts

Facebook loses Oculus executive who led its mobile VR efforts

View
YouTube is removing its direct messaging feature in September

YouTube is removing its direct messaging feature in September

View
Walmart sues Tesla after solar panels catch fire at stores

Walmart sues Tesla after solar panels catch fire at stores

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr