Less than a month after CEO Elon Musk created a stir in the stock markets by suggesting he might take the company private, electric car maker Tesla says it will remain as a publicly traded company after all.
"Given the feedback I've received, it's apparent that most of Tesla's existing shareholders believe we are better off as a public company," Musk said in a statement Friday. The electric car manufacturer has been publicly traded since 2010.
He said institutional shareholders told him that because of "internal compliance issues" they were limited in how much they could invest.
"Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was 'please don't do this,' " Musk said.
He said going private also would be "more time-consuming and distracting than initially anticipated" at a time the company needs to focus on speeding production of the company's Model 3 car, which has missed production targets in the past.