Tesla Shares Rise on Report Board Will Explore Musk's Proposal
Tesla Shares Rise on Report Board Will Explore Musk's Proposal
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12 August, 2018, 12:02
Shares were down 6 percent to $347.26 in midday trading Thursday.
Tesla disclosed in a November 2013 regulatory filing that shareholders should follow Musk's Twitter account to keep up with company news.
That means they've now given back nearly all the gains following Musk's Tuesday morning tweet that he had confirmed funding for taking the company private at $420 a share.
The SEC, which had already been gathering information on Tesla's public pronouncements, added questioning of whether Musk's claim that he had secured funding for a takeover to the inquiry was meant to be factual, Bloomberg said, citing people familiar with the matter. "Tesla ignored the approach, prompting PIF to begin acquiring shares in the company through stock markets, with the assistance of JP Morgan". All the same, Tesla has stated its intention to be far more than a vehicle company and that unnerves the public markets with questions of what, when and how.
Mr Musk has said he would be looking to keep his ownership of Tesla at around 20 per cent in a buyout deal, and that a special objective vehicle, like the one that exists at his aerospace company SpaceX, would allow Tesla shareholders to remain invested if they so choose.
The six members said the Board has "met several times over the last week and is taking the appropriate next steps to evaluate this". A special committee of independent directors will likely review the details, and the board has told Mr Musk - who owns 20 per cent of the company - that he needs his own separate advisers, the news outlet said.
In a follow-up tweet, Musk wrote: "I don't have a controlling vote now and wouldn't expect any shareholder to have one if we go private". Tesla, which hasn't been accused of wrongdoing, declined to comment.
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The stock market has been kind to Elon Musk, who has used and abused Wall Street in return.
Some are speculating the recent moves could all be part of a Musk plot to punish the short-sellers. Musk previously said that the company would hit that number by the end of 2017 and that sustaining such a production rate is critical for Tesla to become profitable.
Though it is not illegal for company officials to use twitter to promote Tesla, talking about potential buyout prices and issuing other proclamations that could artificially alter the California-based EV maker's stock price could be reason for an investigation and ultimately charges.
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In turn, an internal Tesla market could encourage smaller investors to hold onto their stock, lowering the amount of money, which could be tens of billions, that Musk must raise for the buyout.
Tesla needs cash for its $2 billion factory in China, to open more stores and to pay off the debt that's coming due in the next eight months. And most of the perceived advantages of being a public company - higher profile, greater brand awareness, better access to capital - don't apply to Musk and Tesla.
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