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Tesla drops Meekly's plan to take over the company privately




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  Elon Musk Presents SpaceX Plans to Colonize Mars

Elon Musk Presents SpaceX Plans to Colonize Mars 2017 Getty Images

Es It is unclear what action the US Securities and Exchange Commission will take and how shareholder motions will be filed against Elon Musk and Tesla, but two weeks after the billionaire entrepreneur triggered a firestorm with Twitter brooding over the acquisition of the company's private Tesla board, said that has not happened.

Yesterday we held a board meeting, during which Elon reported on the work that he and his advisors have performed in connection with these efforts, "the six independent members of the board of the electric car company said in a statement late Friday The board is of the opinion that after this work and after weighing all the factors d he better way is to stop doing a transaction to take Tesla privately.

The Resolution of th The affair, with a concise statement sent many hours after the completion of primary Nasdaq trading, speaks volumes about the embarrassing situation in which Musk put his company, unlike Tesla's late evening Before the start of the weekend, Musk spilled out his August 7th tweet that he "is considering taking Tesla privately for $ 420. Funding secured "at 1

2:48 Eastern Time while the shares were actively traded.

Elon Musk via Twitter

Later attempts to confirm that he had actually received financial obligations from Saudi Arabia's sovereign wealth funds did not satisfy skeptics who saw his tweets as an attempt to punish investors who had short-circuited Tesla shares, and groups of these investors have since filed lawsuits against Musk and the company, claiming the tweets are an attempt to manipulate the stock price Matter reviewed but not publicly commented on.

Tesla's stock rose more than 10% after Musk's tweets to nearly $ 380 before trading was temporarily suspended on August 7. Since then, the stock has returned all profits and closed on August 24, at $ 322.82.

  Tesla Stock Price Performance Aug. 6 through Aug. 24.

Tesla Stock Price Performanc e from the 6th of August to the 24th of August. Yahoo Finance

In a separate statement released on late August 24, Musk said he & # 39; d decided that the private takeover of the company "would be even more time-consuming and distracting than originally thought, which is a problem because we must focus on making model 3 profitable."

Tesla's board, with the exception of Musk and his brother Kimbal, formed a special committee this month to study the privatization concept. They expressed their continued support for Musk claiming to work 120-hour weeks to ensure that the company is increasing the production of these critical Model 3 electric sedans.

"After we discussed that, we dissolved the Special Committee," they said. "The Board and the entire company continue to focus on ensuring Tesla's operational success, and we fully support Elon as it continues to advance the company."

The privatization boom came after Musk, obviously piquant at criticizing his efforts to help members of a youth football team trapped in a cave in Thailand, joined Twitter in July to accuse a British diver as a pedophile. In May, he stopped answering questions from stock analysts during Tesla's first-quarter earnings, turning them "boring", "uncool" and "boneheaded", and instead opted for a 30-minute softball request from a Tesla fan ,

"We have shown that we can make great sustainable energy products, and we now have to show that we can be sustainably profitable," Musk said late Friday. "With all the advances we've made in Model 3, we're able to do that, and that's what the team and I will all focus on."

So while his privatization plan may be dead, at least for the moment, the fallout from these ill-considered tweets is yet to come. Tesla will not be the automotive equivalent of his private rocket company SpaceX, and the bang of his bombshell comments, for the moment, fizzles in a whimper.

"

  Elon Musk Presents SpaceX Plans to Colonize Mars

Elon Musk Presents SpaceX Plans to Colonize Mars 2017 Getty Images

It is unclear what action the US Securities and Exchange Commission will take and how the shareholder motions filed against Elon Musk and Tesla run, but two weeks after the billionaire entrepreneur unleashed a firestorm with Twitter on the acquisition of the privately held company, Tesla's board said that this was not the case.

Yesterday, we held a board meeting Elon reported on the work he and his advisors have done in connection with these efforts, "said the six independent board members of the electric car company in a late-Friday statement. Elon told the board that he's done after work and if he takes all factors into account, he believes the better way is to stop doing a transaction to take Tesla privately. "

The solution to the problem with a concise statement e-mail many hours after the completion of the primary Nasdaq trade, speaks volumes about the embarrassing situation Musk put his company in. Unlike Tesla late evening publication, before the beginning of the weekend, Musk blew up his August 7 tweets, which he was considering, taking Tesla privately for $ 420. Funding secured "at 12:48 Eastern Time while the shares were actively traded.

Elon Musk via Twitter

Later attempts to confirm that he had actually received financial obligations from Saudi Arabia's sovereign wealth funds did not satisfy skeptics who saw his tweets as an attempt to punish investors who had short-circuited Tesla shares, and groups of these investors have since filed lawsuits against Musk and the company, claiming the tweets are an attempt to manipulate the stock price Matter reviewed but not publicly commented on.

Tesla's stock rose more than 10% after Musk's tweets to nearly $ 380 before trading was temporarily suspended on August 7. Since then, the stock has returned all profits and closed on August 24, at $ 322.82.

  Tesla Stock Price Performance from August 6 to August 24.

Tesla Stock Price Performanc e from the 6th of August to the 24th of August. Yahoo Finance

In a separate statement released on late August 24, Musk said he & # 39; d decided that the private takeover of the company "would be even more time-consuming and distracting than originally thought, which is a problem because we must focus on making model 3 profitable."

Tesla's board, with the exception of Musk and his brother Kimbal, formed a special committee this month to study the privatization concept. They expressed their continued support for Musk claiming to work 120-hour weeks to ensure that the company is increasing the production of these critical Model 3 electric sedans.

"After we discussed that, we dissolved the Special Committee," they said. "The Board and the entire company continue to focus on ensuring Tesla's operational success, and we fully support Elon as it continues to advance the company."

The privatization boom came after Musk, obviously piquant at criticizing his efforts to help members of a youth football team trapped in a cave in Thailand, joined Twitter in July to accuse a British diver as a pedophile. In May, he stopped answering questions from stock analysts during Tesla's first-quarter earnings, turning them "boring", "uncool" and "boneheaded", and instead opted for a 30-minute softball request from a Tesla fan ,

"We have shown that we can make great sustainable energy products, and we now have to show that we can be sustainably profitable," Musk said late Friday. "With all the advances we've made in Model 3, we're able to do that, and that's what the team and I will all focus on."

So while his privatization plan may be dead, at least for the moment, the fallout from these ill-considered tweets is yet to come. Tesla will not be the automotive equivalent of his private rocket company SpaceX, and the bang of his bombshell comments, for the moment, fizzles in a whimper.


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