Tesla's board discussed going private before Musk's tweets
Yesterday's news wasn't the product of a rogue CEO.
Turns out not everyone was in the dark about Elon Musk's plans to take Tesla private. A post from the board on the electric-vehicle manufacturer's investor relations site says the idea came up last week during a board meeting. "This included discussion as to how being private could better serve Tesla's long-term interests, and also addressed the funding for this to occur." So, in theory, the entire board went along with CEO Musk's sophomoric pot reference stock-buyback price. The brief post concludes that the board has met several times since to evaluate the move.
In an internal email Musk published yesterday, he said that the big reasoning for potentially taking the company private was one of insulating the shareholders and employees from worrying about the stock price -- a "major distraction". Considering that anytime Musk tweets he could send the stock price soaring (like yesterday afternoon) or crashing, that's probably a good enough reason for the board to approve such a measure.
It's not like Musk has ever trolled anyone on Twitter anyway. Right?
