Sunday, 23 September, 2018


Employee email explains Elon Musk’s plan to take Tesla private

Tesla CEO Elon Tesla CEO Elon
Conrad Doyle | 08 August, 2018, 04:56

Musk detailed his reasoning for taking Tesla private in an email to employees that he later posted on the Tesla corporate blog.

As for using Twitter as an "established channel of communication", Tesla pointed FOX Business to an SEC filing in 2013 in which the company clearly outlines how investors can monitor company developments, including following Musk on Twitter, among the other traditional sources such as signing up for company press releases and visiting the investor relations website.

The Wall Street regulator did not immediately respond to a request for comment on Musk's tweet.

Shares have rallied strongly since those earnings, but Musk has continued to show a short fuse towards critics, lambasting "short" sellers of Tesla shares - those who take bets that the stock will fall in value.

The billionaire Musk, who owns about 20 per cent of the company, said a transaction would not "substantially" alter his stake and that he expected to continue to lead the company if it occurred. The buyout is good for a 20 percent premium over the current market price of the stock and would value the company at over $70 billion dollars at current numbers of outstanding shares. Funding secured."Musk's tweet followed a report from the Financial Times that the Public Investment Fund of Saudi Arabia had acquired a $2 billion stake in the company". The stock, then trading at about $342 per share, shot up to $367.25, before trading was halted at 2:08 p.m.

I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we're all trying to achieve. He said is considering taking the company private at $420 a share and already has secured funding.

For example, one block of 714 Tesla call options, betting on the shares rising above US$365 by the end of the week, were bought for 85 cents, for a total outlay of US$60,690 on Tuesday.

In his tweets, Musk said he would keep his Tesla shares no matter what happens, and noted that he now doesn't hold a controlling interest in the company.

"I would like to structure this so that all shareholders have a choice", Musk wrote.

Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX.

However, Mr Musk has said he has no plans to do so and promised that the firm will be profitable in the second half of the year, barring any unforeseen events.

After Musk, the next largest shareholders in Tesla are the mutual fund giants T. Rowe Price and Fidelity, with stakes of more than 9% and 8%, respectively, according to Thomas Reuters Eikon.

Finally, this has nothing to do with accumulating control for myself.

He also emphasised that he hopes all shareholders decide to stay in for the ride and the proposal will ultimately be put to a vote.

Despite the unfolding media "shitshow", Musk still seems to view privatization as an "enormous opportunity for us all".

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