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Nearly a week after Elon Musk sent the markets and the media into a tizzy by tweeting he wants to take Tesla private, there’s some more information about how he’d do it, and what it would mean for the company.
Just in case you’re not a follower of Tesla Twitter, here’s a quick recap of the privatization drama. On Tuesday, Musk tweeted “Am considering taking Tesla private at $420. Funding secured.” The abruptness of the announcement and the particular number Musk suggested (420 is a well known marijuana reference) had people asking if it was a joke or if the CEO’s account had been hacked. Twitter seemed an extraordinary way to make such a momentous announcement, even if Musk aggressively uses the platform. But later that day, the official Tesla Twitter account posted a memo Musk sent to employees explaining why he thinks going private is a good idea. Then, on Wednesday, the Tesla board of directors released a short statement saying that Musk brought up the idea of taking the company private last week, and they are evaluating it.