Aug 25, 2018

Elon Musk: Tesla will stay a publicly traded company

Photo: Joshua Lott/Getty Images

Tesla's brief flirtation with a plan to go private, announced by founder Elon Musk in a tweet earlier this month, is over, at least for now. "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," Musk wrote in a statement posted Friday night. "The Board indicated that they agree."

Why it matters: Tesla, which makes electric cars, is an iconic company on the road to greener transportation — and a bellwether for whether Silicon Valley's startup ideology can transform other industries. More than Musk's personal vindication hangs on its fate.

What's next: Musk's unorthodox announcement sent Tesla's stock price on a roller-coaster ride, occasioned consternation among investors and analysts, and triggered an investigation by the Securities and Exchange Commission. Abandonment of the plan to go private will probably reassure the market, but is unlikely to derail those inquiries or deter the shareholder lawsuits Tesla is likely to face.

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China approves Hong Kong national security law

Hong Kong riot police round up a group of protesters during a demonstration on Wednesday. Photo: Willie Siau/SOPA Images/LightRocket via Getty Images

Chinese lawmakers approved a plan on Thursday for a sweeping national security law for Hong Kong that would criminalize sedition, foreign influence and secession in the Asian financial hub, per the New York Times.

Why it matters: The move comes hours after Secretary of State Mike Pompeo said in response to the plan that the certified to Congress that Hong Kong is no longer autonomous from China and does not warrant special treatment under U.S. law.

Go deeper: Hong Kong's economic future hangs in the balance

Editor's note: This is a developing news story. Please check back for updates.

6 mins ago - World

Minneapolis unrest as hundreds protest death of George Floyd

Protesters and police clash during demonstration on Wednesday over the death of George Floyd in custody outside the Third Police Precinct. Photo: Kerem Yucel/AFP via Getty Images

A man died in a Minneapolis shooting during a second night of clashes between police and protesters in the city over the death of George Floyd, an African American man who died in police custody, per AP.

The latest: Police said officers were responding to reports of a stabbing just before 9:30 p.m. and found a man lying in "grave condition on the sidewalk" with a gunshot wound, CBS Minnesota reports. On man is in custody over the incident.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,695,968 — Total deaths: 355,701 — Total recoveries — 2,351,638Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,699,933 — Total deaths: 100,442 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. Public health: CDC issues guidelines for reopening officesFauci says data is "really quite evident" against hydroxychloroquine.
  4. States: California hospitals strained by patients in MexicoTexas Supreme Court blocks mail-in expansion to state voters.
  5. Business: MGM plans to reopen major Las Vegas resorts in June — African American business owners have seen less relief from PPP, Goldman Sachs says.
  6. Tech: AI will help in the pandemic — but it might not be in time for this one.
  7. World: EU proposes a massive pandemic rescue package.
  8. 1 🎶 thing: Local music venues get rocked by coronavirus.
  9. 🎧 Podcast: Trump vs. Twitter ... vs. Trump.
  10. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  11. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 57 mins ago - Politics & Policy