Tesla CEO Elon Musk has offered no evidence to back up a tweet stating he had “funding secured” to take the company private.
David Paul Morris Bloomberg
12 August, 2018, 12:01
Doubts have mounted about Musk's ability to take the electric-car maker off the market, sending the stock tumbling 4.8 percent to $352.45 on Thursday, well off the $420 at which Musk said shareholders would be bought out.
In a statement on Wednesday, Tesla's board said its discussion with Musk "addressed the funding" for the deal, without offering more details. The current value of Tesla's shares stands at around $370 so a buyout at $420 would represent a roughly 20% premium at buyout, a defiantly tempting offer to get shareholders to sell their shares. Tesla and SpaceX did not respond to a request for comment.
Over the past few weeks and months, Tesla and more specifically CEO of Tesla Elon Musk have been in the news quite a fair bit, and a good amount of that press hasn't been exactly positive.
Some are speculating the recent moves could all be part of a Musk plot to punish the short-sellers. This was reported by Elon Musk in his twitter handle.
"Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible", Musk wrote in the letter.
All this buyout talk had predictably dramatic results on Tesla's stock price, with a massive spike just after Musk's tweets went out, followed by a gradual tapering off as people's skepticism started to kick in as to whether South African Tony Stark could actually pull it off. He said that Tesla had not received such a notice, and that he had no expectation of raising new equity.
Nevertheless, this quarter cycle decision making would affect the company only for short term but not for long term purposes and according to Elson Musk, this long term decision is the reason behind every successful company.
Some on Wall Street shared that view. The fund owns between 3% and 5% of Tesla's total stock, meaning the stake is likely worth $US1.7 billion to $US2.9 billion.
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