Tesla board forms a committee to weigh Musk’s proposal of going private
Aug 15, 2018, 03:39
This is why, he says, he chose to use the "funding secured" phrase that caused such a commotion.
Musk said on Monday he expects two-thirds of existing Tesla shareholders would roll over into a private company, but said he was in talks with major shareholders about his proposal.
"They then held several additional meetings with me over the next year to reiterate this interest and to try to move forward with a going private transaction".
Musk's tweet last Tuesday is under investigation by the US Securities and Exchange Commission, according to the Wall Street Journal, and is the subject of lawsuits brought against him by investors. Musk further claimed that he had the "funding secured" to take the company private, an act that would cost up to $70 billion.
The 47-year-old billionaire's sudden interest in short shorts appears to have been sparked by his ongoing war against Tesla's short sellers, who have been betting for years that his auto company will fail. "Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction", Efe quoted him as saying.
Earlier this month, Musk tweeted his plan to send Greenlight Capital hedge funder (and Tesla short-seller) David Einhorn a box of shorts as a consolation price for Tesla's rising stock.
Musk said that since his Twitter post on the possibility of a deal the managing director of the Saudi fund had expressed support for proceeding subject to financial and other due diligence.
Goldman Sachs declined to comment. Tesla's handling of Musk's proposal and its failure to promptly file a formal disclosure, meanwhile, have raised governance concerns and sparked questions about how companies use social media.
The three-person team that will give the ultimate thumbs up consists of former SolarCity chief financial officer Brad Buss, former Sun Microsystems executive Robyn Denholm, and former MoneyGram board member Linda Johnson Rice.
The special committee has the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk, the company said in the statement.
He said the 420-dollar buyout price would only be used to pay shareholders who chose to leave the company if it goes private.
Rice, the first African-American and second woman to join the company's board, is the chairman of Johnson Publishing Co, home to Ebony and Jet magazines.
Embattled electric auto manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freaky and potentially unfounded tweets sent last week by CEO Elon Musk. The company has separately retained Wilson Sonsini Goodrich & Rosati for legal counsel.
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