Tuesday, 21 August, 2018


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

Danny Moloshok  Reuters Danny Moloshok Reuters
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.

Recommended

loading...
...
  • Saudi Arabia-Canada spat hits 16,000 students as the Kingdom suspends scholarships

    Saudi Arabia-Canada spat hits 16,000 students as the Kingdom suspends scholarships

    Saudi Arabia, ruled by its interpretation of Islamic law, rarely carries out crucifixions, but capital punishment remains common. Bin Salman is the second most senior member of the Saudi regime, which has one of the worst human rights records in the world.
    Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat

    Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat

    This was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign . Other social media networks such as Facebook (FB) and Twitter ( TWTR ) recently reported disappointing earnings .
    Angelina Jolie seeks 'meaningful' child support from Brad Pitt

    Angelina Jolie seeks 'meaningful' child support from Brad Pitt

    In the filing, Jolie's lawyers requested to appear before a judge to schedule a status conference to address the financial issue. Pitt was later provided with cell phone numbers for each child, in order to text and call them without Jolie's supervision.
  • Student includes 14-foot alligator in graduation photos

    Student includes 14-foot alligator in graduation photos

    Talking to Fox News , the female student, who has been training with the animal said she wasn't scared at all. The Aggie student shared her photos last Friday with the caption "Not your typical graduation photo".

    China’s Imports Jump as It Digs In for a Trade Fight

    Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent". Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of U.S. threats.
    IL  celebrates first official 'Barack Obama Day'

    IL celebrates first official 'Barack Obama Day'

    The bill was signed into law on August 6, 2017, making this year the first time it's actually celebrated. Saturday also happens to be his 57th birthday. "Last week's trip to Dog Tag Bakery was no different".
  • Carrie Underwood Is Pregnant, Expecting Second Child with Mike Fisher!

    Carrie Underwood Is Pregnant, Expecting Second Child with Mike Fisher!

    In the meantime, we're lucky to be a part of organizations that help kids, because our focus right now in our lives is helping as many kids as possible".
    Chris Pratts Cowboy Ninja Viking movie delayed indefinitely

    Chris Pratts Cowboy Ninja Viking movie delayed indefinitely

    Together they wrote in Gunn's defense , though the likelihood of Disney going back on its decision remains low. It was adapted by Dan Mazeau (" Wrath of the Titans ") and Ryan Engle (" The Commuter ").
    Republican congressman Chris Collins indicted for securities fraud

    Republican congressman Chris Collins indicted for securities fraud

    Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate. Also charged were his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins' fiancée.
  • Storm strengthens to Hurricane John off Mexico's coast

    Storm strengthens to Hurricane John off Mexico's coast

    The National Oceanic and Atmospheric Administration will release its updated mid-season hurricane forecast on Thursday. The active season in the Pacific contrasts to the relatively quiet season in the Atlantic.
    England cricketer Jimmy Anderson escapes injury on the golf course

    England cricketer Jimmy Anderson escapes injury on the golf course

    Anderson's duel with Indian skipper Virat Kohli was also on display during the ongoing Test series between India and England. On a day off following his side's first-test win over India, Anderson was fortunate not to be injured on the golf course.
    Barcelona Shows Interest In Paul Pogba

    Barcelona Shows Interest In Paul Pogba

    Barcelona are looking to sign the skilful 25-year-old Frenchman ahead of Thursday's Premier League transfer deadline. Should United eventually accept an offer, Pogba would earn €100m (£100m) over five years at the Nou Camp.

Samsung Galaxy 7 suffers from Meltdown Samsung Galaxy 7 suffers from Meltdown Though it seems to be unavailable for now, Samsung has launched a free application on iOS and Android called Unpacked 2018. Samsung also talks about the leaks surrounding Fortnite for Android's debut as a timed-exclusive on the Galaxy Note 9.

Oil prices steady on falling US crude stocks and Iran sanctions Oil prices steady on falling US crude stocks and Iran sanctions U.S. sanctions on Iran's oil customers snap back November 4 and could remove up to 1 million b/d of oil from the global market. The sanctions that went into effect yesterday target Iran's trade in USA dollars, which includes oil, metals, coal, and cars.

Disney CEO Bob Iger Teases Fox Marvel Content For Streaming Service Disney CEO Bob Iger Teases Fox Marvel Content For Streaming Service Adjusted earnings per share totaled $1.87, less than the Street's expectation of $1.95. Launching the streaming services is Disney's biggest priority next year, Iger said.

NASA announces crew for first commercial space flights NASA announces crew for first commercial space flights The first Boeing Starliner mission to the ISS will be crewed by John Cassada , a NASA astronaut, physicist and Navy test pilot. Ferguson will become the first former NASA astronaut to return to orbit as a company's crew member when he flies.

Oscars introduce new award for outstanding popular film Oscars introduce new award for outstanding popular film The Academy also mentioned that the 2020 Oscars will be airing weeks earlier than usual on February 8. Finally, the date of 2020's Oscars has moved forward.

Senior scientist Aziz Asber killed in Syria Senior scientist Aziz Asber killed in Syria As reported TASS, the center has twice been bombed by the Israeli air force, which operated out of Lebanese airspace. A senior Syrian scientist involved in the Assad regime's chemical weapons program was assassinated in Syria.

Hiroshima marks 73rd anniversary of atomic bombing in WWII Hiroshima marks 73rd anniversary of atomic bombing in WWII The event changed the course of World War II and demonstrated the unbelievably devastating force of nuclear weapons. Matsui urged leaders to steadily work toward achieving a world without atomic weapons.

Samsung Galaxy Note 9 Fortnite Android Exclusivity Confirmed Samsung Galaxy Note 9 Fortnite Android Exclusivity Confirmed As per the XDA report, the Samsung Galaxy Tab S4 will be the first tablet to support the all-new gaming title from Epic Games. Verizon will kick off a Samsung Galaxy Note 9 BOGO (buy one get one free) deal once pre-orders open in the United States.

Pentagon restricts fitness trackers, after apps revealed secret bases Pentagon restricts fitness trackers, after apps revealed secret bases Rob Manning, a Pentagon spokesman, said potential penalties will be determined on a case-by-case basis by commanders in the field. The Pentagon has now made it official.

Alex Jones 'hasn’t violated our rules — Twitter CEO Alex Jones 'hasn’t violated our rules — Twitter CEO Dorsey's decision has not gone down well with some, however, with Reddit's former CEO suggesting it could lead to Twitter's demise .

Indonesian Quake Victims Shelter in Makeshift Tents; Tourists Evacuate Indonesian Quake Victims Shelter in Makeshift Tents; Tourists Evacuate Five Cape Town families are anxiously waiting on news from South Africans travelling in Indonesia after an quake hit Lombok. The worldwide charity Oxfam said drinking water was scarce because of a recent spell of extremely dry weather in Lombok.

Gates admits he cheated on wife at Manafort trial On Tuesday , Gates did connect one part of the bank fraud charges against Manafort to his role in the Trump campaign. They have tried several times to impugn his credibility before the jury. "In Cyprus, they were documented as loans".

Trump says tariffs 'working far better' than anticipated Trump says tariffs 'working far better' than anticipated The USDA estimates that soybean exports will plunge 11%in the year ahead because of the loss of the Chinese market. Donald Trump , right, listens to Larry Kudlow , his chief economic adviser, on the lawn of the White House in July.

Johnny Depp's Notorious BIG Movie Pulled A Month From Release Johnny Depp's Notorious BIG Movie Pulled A Month From Release Depp is set to star in the upcoming movie, Fantastic Beasts: Crimes of Grindelwald, written by J.K. Whittaker plays journalist Jack Johnson, who joins forces with Poole to solve the murder.

Parkland Shooting Suspect Says He Heard Voices Parkland Shooting Suspect Says He Heard Voices Cruz's attorneys, however, have painted the confessed shooter as an individual with severe and complex psychological problems. Officials who released the transcript on Monday will also make public an edited video of the interview this week.