Tesla forms panel to gauge taking company private

Share

Musk said that the Saudi Arabian sovereign wealth fund "has approached me multiple times" starting in early 2017 about taking Tesla private and had already taken a stake of almost five percent though share purchases.

Citing two people familiar with the internal response to Musk's August 7 tweet, The Times said the Tesla CEO had sent that tweet "with little forethought".

Musk's effort to associate his potential bid with some of Wall Street's most venerable institutions, even at the risk of misrepresenting their involvement, comes as pressure has been building on him to justify his pronouncement last week about the "secured" funding.

Goldman Sachs declined to comment.

Koepka joins elite company, wins the PGA Championship
His best shot over a final round of 4-under 66 was a lasered 4-iron to the 16th green that landed 6 feet away and set up a birdie. The pre-round frenzy only intensified on Woods' opening stretch, with a birdie on No. 2 getting his charge going.

The Securities and Exchange Commission has inquired about Musk's claims, which, if found to be untrue, could cause greater problems for Tesla chief executive. Musk said his decision to announce his negotiations publicly was in the interest of all investors, as it wouldn't have been fair to only tell the largest share holders.

The shares were last down 1.4 percent at $351.34 on Tuesday.

On Monday, he attempted to justify his position saying that he had met the Saudi sovereign wealth fund after it bought a 5% stake in the company.

The board has given the committee authority to act on its behalf, including negotiating a deal to take Tesla private. In his proposal, existing shareholders could remain as they are in a private Tesla, or agree to the buyout amount per share.

Former Trump aide taped White House chief firing her in Situation Room
The White House had previously tried to discredit the book, with Sanders calling it "riddled with lies and false accusations". Sunday on NBC's "Meet the Press," Manigault Newman said that Trump told her later that he "delegated" her termination.

He said the Saudi sovereign fund has recently purchased nearly 5 percent of the Silicon Valley-based electric auto maker's stocks on the public markets, and that the fund's managing director "strongly expressed his support for funding a going private transaction for Tesla at this time".

Asked about the outcome of the special committee, analyst Chaim Siegel at Elazar Advisors said, "This is not easy. I hope nothing - so the stock can trade and benefit from the earnings inflection", he said, referring to a promise by Musk the company would turn profitable later this year. Musk allegedly admitted that he "was angry at the company's critics".

In a statement earlier Monday, Musk also shared more details about who might fund such a deal.

The board said the committee's members are Brad Buss, Robyn Denholm and Linda Johnson Rice, and that it has hired Latham & Watkins LLP as the committee's legal counsel.

NASA set to launch Sun probe on Saturday
This is a rough analogy for the Sun's corona, the rarefied halo of plasma that extends millions of miles beyond the Sun's surface. The PSP's primary goal is to trace the energy flow through the solar corona, with an eye toward solar wind acceleration.

Embattled electric vehicle manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freaky and potentially unfounded tweets sent last week by CEO Elon Musk.

Share