Tesla to remain public company, Musk says
  • Saturday, November 17, 2018
  • 77°

Briefs| Business

Tesla to remain public company, Musk says

  • NEW YORK TIMES

    The Model 3 assembly line, under a tent, at Tesla’s factory in Fremont, Calif. Elon Musk scrapped his plan for taking Tesla Inc. private, more than two weeks after blindsiding employees and investors with the idea via a bombshell tweet.

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Elon Musk scrapped his plan for taking Tesla Inc. private, more than two weeks after blindsiding employees and investors with the idea via a bombshell tweet.

In a blog post published late Friday, the company’s chairman, CEO and largest shareholder said he had met with Tesla’s board of directors and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.”

The decision is a stunning reversal after Musk shocked the financial world Aug. 7, tweeting that he wanted to take the electric-car maker private at $420 a share and had “funding secured.” In a subsequent blog post, he indicated that no such financing deal had been closed. The tweet has drawn a subpoena from the Securities and Exchange Commission, according to a person familiar with the matter.

“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” wrote Musk.

ON THE MOVE

Diagnostic Laboratory Services has announced the following promotions:

>> Marc Chee was promoted to manager from evening supervisor of the Diagnostic Laboratory Services laboratory at The Queen’s Medical Center-Punchbowl. Chee started with DLS in 2007.

>> Ester Do was promoted to director of the DLS hospital and core labs from manager of the lab at The Queen’s Medical Center-West Oahu. Do first served as a phlebotomist/lab assistant when she started in 1993 with DLS.

>> Garan Ito was promoted to vice president of technical operations from manager of the lab at The Queen’s Medical Center-Punchbowl. Ito has worked at the hospital and DLS for the last 22 years, serving in various positions including manager, medical technologist and pathology assistant.

>> Jon Sumida was promoted to manager of systems and security from supervisor of systems and security. Sumida has been with DLS for 18 years as a PC and network specialist and systems engineer, and was an Y2K technical specialist at The Queen’s Health Systems.


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