Ford has no issues being a public company
One day after Tesla CEO Elon Musk raised the idea that he may take the electric car-maker private, Ford EVP Jim Farley says his company has no issues with being public.
“Having complex stakeholders is great,” Farley said in response to a question about being public vs. private from FoxNews.com Automotive Editor Gary Gastelu at Ford’s headquarters in Dearborn, Michigan. “That sense of the market, investors—so critical for a company like Ford.”
Musk, who has had a contentious relationship with Wall Street analysts, and short-sellers who bet against his stock, tweeted on Tuesday that he could take the company private at $420 per share—but Farley said a company doesn’t necessarily run better if it’s out of the public eye.
“We’ve been in existence for over 100 years—we’ve always had complicated stakeholders -- and that’s what makes our company great and vibrant,” he said.
Farley joined other top Ford executives to celebrate the production of its 10 millionth Mustang.
Ford shares have fallen 19% this year, while General Motors is down 6%. Tesla has gained 22%, nearly half of that bump, came after Musk’s tweet on Tuesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.11 | 0.00 | 0.00% |
| GM | GENERAL MOTORS CO. | 57.70 | +0.29 | +0.51% |
| TSLA | TESLA INC. | 330.24 | +1.75 | +0.53% |