techkenyot.com
techkenyot.com August 20, 2018


Tesla shares fall 5 percent amid news of expansive SEC probe

12 August 2018, 12:36 | Hattie Nash

Tesla stock is all over the place as board confirms meeting with advisers

Tesla board to meet to discuss taking company private: report | TheHill

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.

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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.

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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.

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