Tesla shares tank as SEC 'intensifying' probe into tweet

Tesla shares tank as SEC 'intensifying' probe into tweet

Tesla shares tank as SEC 'intensifying' probe into tweet

Stock down for second day after reports US regulators examining Musk's tweets and SoftBank not interested in a deal, saying it was "over valued". The SEC's requirements say a company must file an official disclosure within four days of a major event.

Prior to the tweet, shares closed Monday at $341.99. The computer system is called Hardware 3, and has apparently been designed so that it can be dropped into the Model S, X, and 3 vehicles, as a replacement part.

One of the biggest questions surrounding the buyout is Tesla's long history of losing money while it has been investing in electric auto technology and ramping up production of its vehicles.

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.

They were considering his proposal and that they'd met with him previously to explore the strategy, including "discussion as to how being private could better serve Tesla's long-term interests". CNBC reported that officials hope a privatization program, including the sale of 5% of oil giant Saudi Aramco, will raise $300 billion to help fund the creation of NEOM, which is under construction, and that more money will be invested by the private sector.

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Tesla has many mom-and-pop investors.

Musk's recent Twitter musings about taking Tesla private may have been an expression of his particular sense of humor.

"As the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company", Musk noted. Its shareholders of record - the term for people who hold stock under their own name - totaled 1,156 at the end of January, more than double the 511 at General Motors Co., according to regulatory filings.

Investors have serious doubts about Elon Musk's plan to take Tesla private.

The exact information that Mr Musk communicated to the board about his plan could not be learned. "It doesn't make sense to me".

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But if the buyout flops, Musk and Tesla will likely face class-action lawsuits from shareholders alleging they were duped, and potential legal trouble from the Securities and Exchange Commission, too.

Majority shareholder approval would be required for the plan to happen.

The tweets intensified the SEC's probe, since it was already investigating his public statements about order volume and revenue, according to reports.

For years, SpaceX has run an internal stock market for employees and other shareholders who have had the opportunity to buy or sell roughly every six months.

"He may be okay if the world knows his profit and loss, as long as he doesn't have to deal with the short-sellers and the wild fluctuations in his stock", said Jurasic.

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