Tuesday, 16 October, 2018

Elon Musk 'Considering' Tesla Buyback at $420 to Take Company Private Again

Tesla CEO Elon Tesla CEO Elon
Rhonda Young | 08 August, 2018, 04:25

Tesla boss Elon Musk has suggested via Twitter that he is "considering" taking the electric auto firm private. He did not identify the would-be buyer or buyers. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time. He would hold onto his shares, he added. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.

Trading for Tesla stock was re-activated fifteen minutes before the closing bell was rung, and the automaker closed the day up 12 percent, realizing a massive $6 billion+ appreciation in market capitalization. Investors have also applauded Mr. Musk's efforts to rein in spending and boost Model 3 production to 5,000 vehicles a week, in part by running production lines inside a giant tent on the grounds of Tesla's Freemont, Calif., factory. It's not uncommon for trading in a stock to be halted in the wake of unexpected or unsettling news. And if the information in the tweet isn't true, Musk could be looking at some stock price manipulation allegations. He repeatedly apologized to analysts during a second-quarter earnings call last week.

Musk added that he believes taking the company private would allow Tesla to better focus on its long-term mission.

Musk has a history of erratic tweeting, prompting some initial scepticism about whether the Tesla plan was serious.

The billionaire Musk himself owns a bit more than 20 percent of Tesla stock.

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On April Fool's Day, amid growing market concerns about Tesla's cash crunch, he had tweeted a fake news release that said Tesla would have to file for bankruptcy. Musk owns almost 20% of the company.

Officially, the SEC is fine with financial announcements on social media as long as investors are alerted to which platform they should be keeping an eye on and that no investors are given an advantage to receive the information first.

Back in 2013, Netflix CEO Reed Hastings came under fire from the SEC, after disclosing Netflix's streaming hours via Facebook. Netflix stock moved higher as a result.

The following email was sent to Tesla employees today:Earlier today, I announced that I'm considering taking Tesla private at a price of $420/share.

The rally after Musk's tweet unleashed fresh pain for short-sellers in Tesla, the most shorted USA stock.

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In contrast, private companies have a smaller number of shareholders-generally fewer than 2,000-and are not available for purchase on public markets.

But Musk later on Tuesday seemed to confirm the plan, Tweeting that: "Investor support is confirmed".

The decision to go private would have to be approved by shareholders, but Musk believes taking Tesla private would be an "enormous opportunity for all of us".

Musk has had a famously combative relationship with Wall Street, having mocked Tesla's short-sellers on Twitter and joked about Tesla going bankrupt.

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