techkenyot.com
techkenyot.com March 21, 2019


Tesla shares fall 5 percent amid news of expansive SEC probe

12 August 2018, 12:36 | Hattie Nash

Tesla CEO Elon Musk has offered no evidence to back up a tweet stating he had “funding secured” to take the company private. David Paul Morris Bloomberg

Tesla CEO Elon Musk has offered no evidence to back up a tweet stating he had “funding secured” to take the company private.
David Paul Morris  Bloomberg

That means they've now given back nearly all the gains following Musk's Tuesday morning tweet that he had confirmed funding for taking the company private at $420 a share.

"What investors are waiting for is more details around what is meant when Elon Musk says funding is secured", George Galliers, an analyst at Evercore ISI who rates Tesla the equivalent of a hold, said on Bloomberg Television.

Trading on Tesla's stock was stopped Tuesday following Musk's tweets, which sent shareholders and reporters into a scramble. Securities and Exchange Commission has since begun to make its own inquiries to check the veracity of Musk's controversial tweet.

Tesla shares fell 2.4 percent to $370.34 on Wednesday after closing up 11 percent on Tuesday.

Chinese state media accuse US of 'mobster mentality', vow to fight tariffs
Beijing's retaliatory move was a "necessary response" to "safeguard its legitimate interests", the ministry said on its website. A possible bright spot is that China may buy more oil from Brazil, which involves longer journey times.

Wall Street and Washington have the same question for Elon Musk: Where's the money? The company has completed more than 50 successful Falcon launches and snagged billions of dollars in contracts, including from NASA and the U.S. Department of Defense. Musk, who's insisted for months that the company wouldn't need to seek more funding this year, replied: "I'm not sure what you're talking about, but there's no such notice from a regulator".

The agreement would be the largest purchase based on debt of all time, surpassing the record of USA $ 45 billion established by the firm of Texas Energy Future Holdings.

On Twitter, Musk stated that he is considering to take Tesla private for $420/share, at a secured funding. Musk could be asked to recuse himself from the diligence process.

Musk and SoftBank held unsuccessful talks about a take-private deal in April 2017, according to a source familiar with the matter. The talks failed to progress due to disagreements over ownership and have not started up again.

EPL: Manchester United vs Leicester City
However, a move did not materialise and Mourinho must now work with the same central defensive setup as he did last season. Had they not got to the final of the Champions League last season I actually think they could have finished second.

China's Tencent Holdings Ltd, which took a 5 percent stake in Tesla past year, could also be a possible partner. Tesla shareholder, Ross Gerber, told IGTV he initially thought Musk's Twitter account had been hacked, before the announcement was confirmed by his investor relations representative. Tesla could seek SEC approval to make a tender offer exclusively to its small shareholders while retaining larger institutional owners, John Coffee, a professor of law at Columbia University, said in an interview.

Like Musk's tweet and email to employees, the directors' statement didn't contain details on how the buyout would be financed.

Speculation has been swirling around Tesla and Musk's disclosures amid the yearlong struggle the company had ramping up production of the Model 3 sedan, the first vehicle that the company has attempted to mass manufacture. Private market experts say they are unclear how that would work. He said, "we are subject to wild swings in our stock price that can be a major distraction" and being public '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.

The six board members who issued the statement on Wednesday included James Murdoch, chief executive of Twenty-First Century Fox Inc and Brad Buss, who was the chief financial officer of solar panel maker SolarCity until it was bought by Tesla in 2016.

Tiger Woods highlights from Rd. 2 of the 2018 PGA Championship
Those birdies after his big blunder stood out to Finau, one of only 11 players to make the cut in all four majors this year. It is only the second time in major-championship history that two scores of 63 or better have been shot in the same round.



Other News

Trending Now

Simpson in hot seat for US Ryder Cup team
Garcia has but one top 10 in his last 11 global starts, that coming at the French Open in July, where he tied for eighth. It was just a reality that his status as one of the greatest golfers ensured a hoopla of distractions wherever he went.

Unrelenting torrential downpour continues in Kerala, third shutter opened at Idukki
The district administration has issued an alert to the public in the wake of water level rising in rivers and streams. Arrivals at Cochin International Airport halted after water released from Idukki dam, the report added.

Deflategate Part 2: NFL Investigating Steelers Use of Deflated Balls in Preseason
Howard Eskin of WIP radio in Philadelphia reported a Steelers football was " very deflated " and was "like a marshmallow". While Eskin's certainly a loud buffoon, he purports that the NFL is now handling and investigating the football.

Arsenal's Kroenke Makes Offer To Take Full Ownership Of Club
And in a statement released to ESPN FC, Red and White Securities confirmed their acceptance of the deal on offer from KSE. From a purely business point of view, it's not a bad model.

Ryan Fox still in touch with US PGA Championship leaderboard
He reached the par-5 eighth hole in two shots and two-putted for a birdie to climb to four under and six shots off the pace. At the par-3 sixth he blasted out to 14 feet and sank the clutch par putt, then parred seven before the storm struck.

Ikea opens its first Indian store in Hyderabad
Its first showroom will display more than 7,500 of its products, of which 1,000 will sell for less than 200 rupees ($2.91) apiece. At the Hyderabad store, it now has 8 female forklift drivers and has recruited around 100 girls from the DISHA pilot project.

In Order To Improve Chinese Search Engine, Google Tracks Banned Words
If they didn't, Google would simply exclude them completely from the first page of results within the Chinese search engine. But, Google has access to the terms users search for on 265.com which is now hosted on its servers.

Turkey currency crashes as Trump doubles metals tariffs
One of the triggers of the turmoil has been a standoff with the USA over detained American pastor Andrew Brunson. Operations in emerging markets can lose significant value as the dollar strengthens, as it did Friday.

Sports Direct buys House of Fraser out of administration for £90 million
The billionaire has also built up stakes in rivals such as Debenhams, Goals Soccer Centres and French Connection. It is not clear what will happen now to those stores and their workforce following the takeover by Mr Ashley.

Chelsea Send Batshuayi, Zouma Out On Loan
The Belgium worldwide , who impressed big time at Dortmund, will now hope to play a regular first-team football in Spain . The Blues have confirmed that Belgian striker Michy Batshuayi will spend the upcoming season on loan at Valencia .