© Tesla Electronics Production | August 08, 2018
Elon wants to take Tesla private
Elon Musk has previously hinted about wanting to take Tesla private. The CEO took to Twitter saying that he considering taking Tesla private for USD 420 per share, or USD 72 billion.
In an email sent to Tesla employees on August 7, 2018, Musk detailed his plans saying; “I wanted to let you know my rationale for this, and why I think this is the best path forward.” However, he did point out that no final decision has been made regarding this, and that the reason for doing this would all be about creating the environment for Tesla to operate best. “As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, 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,” the CEO wrote in the email. In the email, Elon Musk details how he would like to move forward if the decision is made to go private. “First, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%),” the email reads. Secondly, Mr. Musk wants all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. “If we were to go private, employees would still be able to periodically sell their shares and exercise their options. 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.” Thirdly, the CEO says that he does not have any intention of merging SpaceX and Tesla. “Finally, this has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed,” he writes. This proposal to go private would ultimately be finalised through a vote of the company’s shareholders.
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