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Tesla Inc CEO Elon Musk stated in a letter to workers that he is considering taking the automaker private at a cost of $420 per share.
Musk stated a final decision has not yet been made, but the factor is to create an environment for Tesla to operate best.
“As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders,” Musk wrote in the letter.
Trading in shares of the company were halted at $367.25, rising 7.4 percent, after Musk tweeted previously that he was considering taking the company private at $420 each share.
