Elon Musk, the chief executive of the electric car manufacturer Tesla, says he will no longer be taking the company private. This just two weeks after saying he was considering a deal. The plan was canceled on Thursday after a board meeting, he wrote in a post published on the company’s site.
Since Musk announced his plan to delist Tesla, its share price has dropped by 20%.
He told his board “that I believe the better path is for Tesla to remain public,” and they agreed.
Musk, who owns about a fifth of the company, said he had spoken with shareholders and major banks to consider the privatization but found the sentiment was “please don’t do this”.
Earlier this month, Elon Musk shocked investors by announcing on Twitter that he had funding secured to take Tesla private at a value of $72bn (£57bn)