Saturday, 16 February, 2019


Tesla’s Board Has Met Several Times to Discuss Going-Private Proposal

Reuters  Rebecca Cook Reuters Rebecca Cook
Conrad Doyle | 08 August, 2018, 21:25

But the biggest motivator for Musk in taking the company private is viewed as the freedom to pursue larger long-term goals instead of short-term financial ones, and this includes his view of Tesla as one of the pieces in a larger puzzle that includes homeowner-controlled energy trading, solar energy accumulation and storage, and autonomous electric trucking.

Elon Musk is serious enough in his publicly-stated interest about taking Tesla private that the board of directors has already discussed the matter several times.

The Tesla board responded to the proposal earlier Wednesday morning, indicating that it is evaluating things.

Some Wall Street analysts are skeptical of Musk's ability to gather the financial backing to complete such a deal.

Musk, who has had a contentious relationship with Wall Street analysts, and short-sellers who bet against his stock, tweeted on Tuesday that he could take the company private at $420 per share-but Farley said a company doesn't necessarily run better if it's out of the public eye.

Tesla's shares were down 2.1 percent at $371.70 on Wednesday after closing up 11 percent on Tuesday. The company declined to comment beyond pointing to an all-employee email sent Tuesday by Musk.

"This proposal to go private would ultimately be finalized through a vote of our shareholders", Musk said in explaining the potential move.

In subsequent tweets, Mr. Musk said that going private would end "negative propaganda" from short sellers. But they did not reveal who or what institution Musk may have been referring to when he posted "funding secured".

The stock is far below the $420 price at which Musk said shareholders would be bought out. The move would also foreclose the option of selling more stock to raise cash every year, a move which Musk has disfavored in recent years. "And if you stay as a shareholder you get less information than before and you depend more and more on Elon Musk".

According to his email to employees, the company will allow its current public shareholders to become private shareholders if they choose against a buyout.

"Last week, Elon opened a discussion with the board about taking the company private", the board members wrote.

The statement was not from the company's full board of directors.

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