The board of directors of the company agreed to sell it to Musk, ending his quest to take it private.
The Wall Street Journal reported that Musk and the board were close to a deal. Musk said he had secured $46.5 billion to complete the purchase.
The deal follows Musk's offer to buy the company for $54.20 per share, or about $44 billion, to take it private.
If my offer is not accepted, I will need to rethink my position as a shareholder. I will open it.
Before the deal, investors had little confidence that an agreement would be reached.
The billionaire acknowledged uncertainty he would pull off a deal, but said he was pursuing it because he believes it is important for there to be an inclusive arena.
Musk's interest caused unease within the company. The day after Musk's offer, the board of the company rejected it and decided to use a poison pill.
If the Board believes that it is in the best interests of the company and its shareholders, the Board can engage with parties or accept an acquisition proposal.
In the past, Musk has caused trouble on the social networking site. A court ruled that his claim that he had enough money to take the company private was false.
The controversy was brought up by Musk at the event.
I was forced to concede to the SEC. Musk said of the regulators.
The stockholders asked the judge to stop the CEO's public campaign.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Musk was charged with securities fraud by the SEC. Half of the money was paid byTesla.
As part of the settlement, Musk agreed to step down as chair of the company for three years and promised to allow the company to preview statements about the company.
This is not a finished story. You can check back for updates.
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