"Last week, Elon opened a discussion with the board about taking the company private", six directors on Tesla's nine-member board said in a statement. Tesla was trading around $300 per share in April 2017 when the talks reportedly fell through.
According to Musk, taking the company private would remove the scrutiny from analysts that, he says, encourages short-term thinking.
Musk took Tesla shareholders and the stock market by surprise on Tuesday by announcing on Twitter he was considering taking the loss-making electric car-maker private at $420 United States a share. He said funding was "secured", without elaborating.
It's also unclear how Musk came up with the $420 price.
'Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.
At $420 apiece, buying all of Tesla's shares would cost about $72 billion, but Morgan Stanley analyst Adam Jonas wrote in a note to investors Wednesday that he expects about $50 billion in additional net debt.
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Some Wall Street analysts are skeptical of Musk's ability to gather the financial backing to complete such a deal. Many initially thought it was Elon Musk's attempt at a bad joke about marijuana, because "420" has always been associated with pot.
Even for Musk, who is famous for firing out controversial tweets, Tuesday's message about possibly taking Tesla private astounded the Internet. The company already has a $2 billion investment from Saudi Arabia's sovereign fund as well as Tencent, which took a 5 percent stake in 2017.
Some on Wall Street shared that view. Korus said he would need more details from Musk to judge whether a buyout offer would be practical and at what price it would be attractive.
In a later statement to employees and posted on Tesla's blog, Musk explained: "Being public. subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term". Of course, going private probably won't require anywhere near that much money, based on how Musk wants it all to go down.
Musk holds "about 20 percent of the company now", the statement said, and made clear that he doesn't see that changing whether Tesla is private or public. Musk has feuded publicly with regulators, critics, short sellers and reporters, and some analysts suggested that less transparency would be welcomed by Musk.
Names excluded from the board statement were Musk; his brother, Kimbal Musk; and Steve Jurvetson, a venture capitalist and early Tesla backer who's been on leave since a year ago. Rather, it was attributed to Brad Buss, Robyn Denholm, Ira Ehrenpreis, Antonio Gracias, Linda Johnson Rice, and James Murdoch. They did not include Mr Musk, his brother Kimbal Musk, and Steve Jurvetson, a venture capitalist.