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"I know that the privatization process can be very challenging, but it is obviously more time-consuming and more distracting than we initially expected," Musk wrote. "After considering all these factors, I have met with the company's board of directors and let the board know that I think a better way is to keep Tesla on the market. The board agreed."

Tesla abandons privatization

 "Earlier this month, I announced that I was considering privatizing Tesla. But as part of the privatization process, it is important to understand whether our current investors think privatization is a good strategic move, and whether they are willing to As a shareholder of Tesla after privatization." Musk wrote in the open letter.

 "Our investors are very important to me. Since we went public in 2010, almost all shareholders have been with us to this day. At that time, we didn't even have a Tesla car, only the infinite vision of Tesla. These shareholders firmly believe that we can advance the mission of sustainable energy and are deeply concerned about the company's success." The letter added.

 "After careful consideration, I came to the conclusion that in the foreseeable future, letting Tesla continue to maintain the status of a public company is the best path. Of course, there are many very convincing reasons to take the company private, so this Far from being an obvious decision, but in general, going public seems to be in the best interests of Tesla people and in the interests of investors who invest in our future.” Musk wrote.

Musk’s troubles are yet to come

    Bloomberg reported that this also announced the end of the privatization farce self-directed and performed by Musk, and there is no need for the outside world to guess where the funds for Musk's privatization come from. However, this matter will not end there. For the maverick Musk, he may still have more trouble.

    On August 7, local time, Musk tweeted that he was considering privatizing Tesla at a price of US$420 per share (corresponding to a market value of approximately US$72 billion), and the funds were already in place. The news was released during the normal trading hours of US stocks, but Musk did not realize the seriousness of the matter. After 1 hour and 20 minutes, Tesla's stock price soared by 7%, and then Tesla stock trading was suspended for an hour and a half, and the day closed up 11%.

    The next day, investigators in the US Securities and Exchange Commission (SEC) office in San Francisco asked Tesla for an explanation. Under normal circumstances, the important information planned by the listed company is listed in detail after sufficient internal preparations, and is released through the company's official channels.

    Foreign media reported that in the middle of this month, US federal regulators have issued subpoenas against Tesla and have stepped up investigations into Musk’s tweets about Tesla’s privatization. On the same day, the "Wall Street Journal" quoted a person familiar with the matter as saying that the subpoena issued by the SEC requires every Tesla director to provide information, but it is not sure what information the SEC wants.

    The subpoena shows that senior SEC officials have been authorized to conduct a formal investigation of Tesla, which is more in-depth than the initial investigation of Tesla by the regulator. Once the SEC initiates a formal investigation, it means that the agency believes that the parties have already There is an illegal act. According to U.S. law, companies and company managers cannot provide shareholders with misleading information about major company events. However, the SEC’s investigation takes months or even years. If the SEC believes that the evidence is not worthy of litigation, the agency can end the investigation without prosecuting the parties.

    Last week, Musk also accepted an interview with The New York Times in tears. In the interview, he said that he has tolerated the trouble caused by this insomnia this year and needs sleeping pills to fall asleep. This interview also led to a call for Tesla to hire a chief operating officer to help relieve Musk's pressure. The Daily Economic News (WeChat ID: nbdnews) reporter noted that in addition to Tesla, Musk also serves as the founder and CEO of SpaceX. He is currently busy increasing the production of Tesla Model 3 models and making the company profitable in the second half of this year.

Shareholders once wrote to Musk: please goodbye to privatization!

    On August 13, Musk said that according to the dialogue with the Saudi Public Investment Fund, he believed that he had obtained enough funds to complete the privatization of Tesla. But in an open letter on Friday, Musk reiterated that he "believes that there are enough funds to privatize Tesla," but he also said that "privatization will distract my attention and take too long."

    "From the feedback I received, it is clear that most of Tesla's existing shareholders believe that as a public company, our situation will be better," Musk wrote. "Although most of the shareholders I have communicated with said that even if Tesla goes private, they will continue to be shareholders of the company, but their implication is,'please don't do that.'"

    In another statement, Tesla's board of directors confirmed the decision to keep the company listed and announced its intention to dissolve a committee composed of independent directors, which is responsible for reviewing Musk's proposal. "We fully support Musk to continue to lead the company forward." Tesla independent board members said.

    Before deciding to abandon privatization, Musk did have public interactions with shareholders. Asset management company ARK Invest CEO Cathie Wood (Cathie Wood) said in an open letter to Musk this Wednesday, Eastern Time, that Tesla’s stock price may be $700 in the next five years. ~ Between 4000 USD.

    Wood wrote in the open letter, "If Tesla is privatized at a price of $420 per share, it will greatly reduce Tesla's valuation and deprive more investors of the opportunity to share Tesla's success." Wood also said that if Tesla is privatized, the company's investors may be reduced, which will make Musk's life more difficult.

    Wood posted a link to an open letter to Musk on Twitter. Musk then replied to Wood in less than an hour, saying "Thank you for this letter to me." In an interview with CNN on Thursday, Wood said that Tesla’s staff in charge of investor relations also responded quickly to his open letter and forwarded the letter to the company’s board of directors, but the board has not yet responded to her.