SEC probes Tesla over Musk's tweet on taking company private
09 August, 2018, 09:07 | Author: Sheri Evans
As Tesla's board of directors rallied Wednesday behind chief Elon Musk'sextraordinary push to take the all-electric automaker private, a growing contingent of investors, analysts and former regulators voiced their doubts that the deal would ever take off. In his first tweet he said funding was secured but provided no details. However, it certainly looks like his messages on social media have had direct consequences on Elon Musk's personal fortune, and on his company's stock price: Tesla shares started Tuesday trading at about $340 and went as high as $387.
'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, ' Musk wrote in a letter to employees.
Tesla directors have said they knew about Elon Musk's surprise proposal to privatise the money-losing auto maker before he tweeted about it and have met several times in the past week to discuss the proposal.
If the company went private, employees and shareholders would be given an opportunity to sell or buy their stock approximately every six months.
Musk's plan for a price of $420 a share would value a deal at more than $70 billion. That report had already partly lifted Tesla's stock.
There still are near-term execution risks around ramping up Model 3 production and the ability to generate cash, Jonas believes. Tesla was trading around $300 per share in April 2017 when the talks reportedly fell through.
China's Tencent Holdings Ltd, which took a 5 percent stake in Tesla a year ago, could also be a possible partner.
Despite the board's statement, it was clear early Wednesday that the euphoria had worn off over Musk's bold claim that he had the funding secured to take the electric-car maker private.
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Musk said back in June the v9.0 would be the release to include the full self-driving features to make Teslas autonomous. Fortune has yet to ascertain the veracity of the tweet, and will update this article once Tesla responds .
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