Tesla will remain a public company, Elon Musk said on Friday, backing away from statements earlier this month that he was considering taking the company private.

Shareholders preferred that the company stay public, while the process of privatisation would be be time-consuming and could potentially affect profits, Musk said in the blog post.

“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 Board indicated that they agree,” he said.

Musk confirmed on August 13 that a Saudi Arabian fund had taken an almost 5-per-cent stake in the carmaker, adding that he was in privatization talks with them.

“I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed and that it was just a matter of getting the process moving,” Musk said in a blog post at the time.

In a series of cryptic tweets before the August 13 post, Musk announced that he would like to take the company private at 420 dollars a share, a significant increase on the market price at the time of his announcement.

On Friday, Musk said that despite the decision to remain public, he believed there was “more than enough funding to take Tesla private.”

“Moving forward, we will continue to focus on what matters most: building products that people love and that make a difference to the shared future of life on Earth… I’m incredibly excited to continue leading Tesla as a public company. It is a privilege,” he added.

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