Tesla shares dip after Elon Musk proposes going private

Tesla shares dip after Elon Musk proposes going private

Tesla shares dip after Elon Musk proposes going private

Ford Executive Vice President Jim Farley on the benefits of being a public company after Tesla CEO Elon Musk tweeted he is considering taking his company private.

In a release, board members Brad Buss, Robyn Denholm, Ira Ehrenpreis, Antonio Gracias, Linda Johnson Rice, and James Murdoch said Musk opened the discussion last week. "This included discussion as to how being private could better serve Tesla's long-term interests, and also addressed the funding for this to occur", the statement said. The board, they said, had met "several times" over the last week and was actively working to "evaluate" the proposal.

The oil-rich kingdom of Saudi Arabia's investment fund has gobbled up a multibillion-dollar stake in the company in recent months, the Financial Times reported Tuesday, but Tesla has not answered questions about the involvement of the kingdom, or anyone else, in how he would finance the company's exit from public markets.

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Midway through the trading session in NY on Wednesday, Tesla shares were down 5% at $374 after surging 11% on Tuesday.

Musk mused Tesla could be bought back at $420 per share.

On Tuesday morning, Musk emailed a statement to Tesla employees. If the statement regarding having secured the funding for the move later proves unachievable, then Musk could be in hot water with regulators over the statements that he first made on Twitter. 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.

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"Just because" Musk wants it at $420 "doesn't mean that there aren't other people who might be willing to come in with another transaction that would be more beneficial to shareholders", Pitt said. "That sense of the market, investors-so critical for a company like Ford".

A statement was issued by six members of the electric carmaker's board after Mr Musk tweeted to say he had the funding to de-list the company. "This is out there, even for Tesla", analysts with Barclays wrote Wednesday.

Of course, now that Musk has stated that he has secured the funds to do so, he may need to carry it out lest he face accusations of stock manipulation, according to FT, as the mere announcement of having the funds to take the company private caused Tesla stock to rise by 11 percent. Tesla's other board members are Musk, his brother Kimbal Musk and venture capitalist Steve Jurvetson.

Tesla, Inc. (TSLA) closed Wednesday at $349.54 with 16.19%, Stryker Corporation (SYK)
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