Now, the Tesla CEO announced that that idea is no longer motion.
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
"I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated," read Musk's statement on the company's blog. "After considering all these factors, I met with Tesla’s board of directors yesterday and let them know that I believe the better path is for Tesla to remain public."
The move comes after Azealia Banks accused Musk of being on acid when he tweeted about making the company private. Banks says she spent the weekend at Musk's mansion while waiting for his girlfriend, music artist Grimes, to finish a collaboration for her album, Fantasea II: The Second Wave. Instead, Banks says Grimes "coddled her boyfriend for being too stupid to know not to go on twitter while on acid," likely referring to the tweet about making the company private.
Banks also said she "saw him [Musk] in the kitchen tucking his tail in between his legs scrounging for investors to cover his ass after that tweet." Banks' allegations are pretty serious: If Musk was tweeting major news about the company while under the influence, it could easily ruffle the feathers of Telsa's stockholders. He was also hit with a securities fraud lawsuit accusing him of manipulating Tesla's stock price with the tweet. More money, more problems.