He also says that an environment in which Tesla is private would allow for the company “to operate best” while avoiding “wild swings in stock price that can be a major distraction for everyone working at Tesla.”

The email states that the intention is not to merge Tesla and SpaceX, Musk’s private aerospace company. Musk says that that the envisioned structure for a private Tesla would be similar to that of SpaceX, consisting of external shareholders and employee shareholders that have the option to buy or sell every six months.

A shareholder vote will ultimately determine the proposal for going private.

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