Elon Musk Will No Longer 👎 Take Tesla 🚗 Private

  |   Tech News

Tesla chief executive Elon Musk says he will no longer be taking the electric car maker private, just two weeks after saying he was considering a deal.

The plan was cancelled after a board meeting on Thursday, he wrote in a post published on the company's site.

Since Mr Musk announced his plan to delist Tesla, its share price has dropped by 20%.

He said he had told the board "that I believe the better path is for Tesla to remain public," and that they agreed.

Mr Musk, who owns about a fifth of the company, said he had spoken with shareholders and major banks to consider the privatisation 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).

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