August 8, 2018—Tesla CEO Elon Musk said Tuesday that he wants the company to go private, which immediately stirred an intense reaction on social media and caused the stock to spike, USA Today reports.
"Am considering taking Tesla private at $420. Funding secured," Musk tweeted at 12:48 p.m. Tuesday. He later said the "only reason why this is not certain is that it’s contingent on a shareholder vote."
"I think this is the best path forward," he said in an email to employees, further clarifying that "a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best."
Musk has repeatedly expressed frustration in the past over public trading of the company's stock, including investors who bet that the stock will decline, a process known as shorting.
