The Tesla board of directors issued a statement early Wednesday to confirm that Chief Executive Elon Musk had opened a discussion with them about taking the company private.
"This included discussion as to how being private could better serve Tesla's (TSLA) long-term interests, and also addressed the funding for this to occur," according to the Tesla board letter. "The board has met several times over the last week and is taking the appropriate next steps to evaluate this."
The Tesla board was responding to a tweet from Musk on Tuesday that he was considering taking electric-car maker private at $420 a share. He said he had funding secured.
Tesla shares finished Tuesday trading up 11% to 379.57. In premarket action on Wednesday, shares were off 2.5% to 369.95.
More to follow
The post Tesla's Board Responds To Musk's Tweet Thunderstorm On Going Private appeared first on Investor's Business Daily.
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