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12 August 2018, 12:02 | Kelvin Horton
Investor's Corner Tesla board to formally review Elon Musk’s plan to go private TSLA reacts after hours
Telling Musk, Tesla's founder and largest shareholder, to go his own way is an unusual move for any board - and suggests that their interests are separate. Tesla is and probably always will be a company that will remain underneath the spotlight, so nearly any actions taken by the company itself or Elon Musk as an individual or CEO will have adverse effects on its stock price.
Tesla's $1.8 billion August 2025 junk bond fell half a point to be bid at 90.875 cents on the dollar. If the money he claimed to have doesn't follow as Tesla's privatization takes shape, he might face civil or criminal charges for manipulating Tesla stock price by spreading misleading information to investors.
"The short-sellers right now might be smelling blood in the water", he added. Musk said via Twitter on Tuesday that the deal was contingent on a shareholder vote but that "investor support is confirmed". SEC enforcement attorneys in San Francisco have begun gathering information on Tesla; however, this could end up leading to nothing.
"I do not know how he thinks that's going to work", said Stephen Diamond, who teaches securities law and corporate governance at Santa Clara University's School of Law.
Tesla hasn't disclosed any sources of financing for the deal and no one has stepped forward publicly to say they're backing the plan.
Tesla has many mom-and-pop investors.
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 people took it as a joke, but most people believed him.
Just last week, he revealed he had been working 110 hours a week to deliver on short-term promises he had made to Wall Street, a load he traced to his boorish behavior toward two analysts earlier this year.
Tesla said on Wednesday the discussions had addressed how to fund such a deal but gave no details.
The strong rebuke from the board hinted strongly that the idea of taking Tesla private at $420 a share would be engineered by Musk - and not by the board.
According to UK's the Guardian, this new valuation would float his company from its current stock market value of $63.8 billion to a whopping $82 billion, a near $20 billion inflation. Tesla also would likely need to borrow billions more to help pay for its ambitious plans of its electric vehicle line and its battery manufacturing plants. 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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