August 7, 2018 / 7:39 PM / 10 days ago

Musk says no final decision on taking Tesla private

(Reuters) - Tesla Inc Chief Executive Officer Elon Musk said on Tuesday in a letter to employees that he is considering taking the electric car maker private at a price of $420 per share.

FILE PHOTO: Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo September 8, 2014. REUTERS/Toru Hanai/File Photo

Musk said a final decision has not yet been made, but the reason 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 here

Trading in the company’s shares were halted at $367.25, up 7.4 percent, after Musk tweeted earlier that he was considering taking the company private at $420 per share.

Reporting by Sonam Rai in Bengaluru; Editing by Arun Koyyur

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