techkenyot.com
techkenyot.com December 10, 2018


Tesla board confirms it will consider Musk's privatization plan

08 August 2018, 09:27 | Hattie Nash

Danny Moloshok Reuters

Danny Moloshok  Reuters

They said this "included discussion as to how being private could better serve Tesla's long-term interests".

Tesla stock closed Tuesday at $379.57. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long term. "That sense of the market, investors-so critical for a company like Ford".

Tesla CEO Elon Musk tweeted Tuesday that he's is mulling taking Tesla private at US$420 a share.

Trading in Tesla was halted for an hour and a half on Tuesday afternoon, by which time the stock had soared to $370.

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If the content of Musk's tweet was not true, lawyers argue, it could expose Tesla's mercurial chief executive officer and the company to regulatory action and private lawsuits.

"Finally, this has nothing to do with accumulating control for myself". Musk has feuded publicly with regulators, critics, short sellers and reporters, and some analysts suggested that less transparency would be welcomed by Musk.

In that time, Tesla short-sellers - Musk's sworn enemies - may have lost more than $800m, according to estimates from financial-technology firm S3 Partners, while his 20% stake reportedly gained $851m.

The issue of share accumulation by outsiders emerged only recently as reports that Saudi Arabia's public investment fund had built up a stake from 3 to 5 percent after its offers of purchase of new shares in Tesla were spurned by the company. "How could Tesla possibly fund such a large transaction?"

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"I do not believe this is the appropriate way to suggest going private", Charles Elson, director of the John L Weinberg Center for Corporate Governance at the University of DE, told CNBC.

Harvey Pitt, a former chair of the Securities and Exchange Commission, said Musk's asserting a final sale price and that funding was "secured" opened him to potential charges of stock manipulation or securities fraud.

The brief statement by six of the nine board directors said that the discussions about taking the company private had also "addressed the funding for this to occur".

I drove the regular, 271-hp, rear-wheel-drive Tesla Model 3 a few months ago and liked it. "This is out there, even for Tesla", analysts with Barclays wrote Wednesday. "Either way, the future is very bright, and we'll keep fighting to achieve our mission".

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The board members said they were "taking the appropriate next steps" to evaluate the proposal.



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