Elon Musk’s recent tweets about taking Tesla Motors private were confirmed by the company’s board of directors in an official statement. The board says that Musk had pitched the idea last week and they had met several times after that to discuss the subject in greater detail. 

The official statement reads as follows:

 “Last week, Elon opened a discussion with the board about taking the company private. This included discussion as to how being private could better serve Tesla’s long-term interests, and also addressed the funding for this to occur. The board has met several times over the last week and is taking the appropriate next steps to evaluate this.”

 

The statement was signed by Tesla board members Antonio Gracias, Brad Buss, Ira Ehrenpreis, James Murdoch, Linda Johnson Rice and Robyn Denholm. Shares of the electric vehicle manufacturer skyrocketed at $420 per share following Musk’s tweet about taking the company private. Musk also tweeted that he had arranged for the necessary funding to back up the move. Tesla’s founder said this would allow the company to execute its long-term strategy without the pressure of market fluctuation and investor scrutiny.

In a series of tweets following the first one, Musk said Tesla would still respect its shareholders and urged them to stay with the company. The move comes amidst Tesla taking flak for falling short on promised production volume of its Model 3 electric sedan. The company has also failed to report positive turnover and profits for multiple quarters of last fiscal year, reducing investor confidence in the process. It will be interesting to see how the transition pans out with Musk’s latest bold move.