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Found 286 results

  1. For the past couple of years, Tesla has been offering an $8,000 "full self-driving" feature for their Autopilot system. But you couldn't use this feature as Tesla had not yet activated this feature. Basically, you were buying a system that Tesla promised would come online sometime in the near future. But that is not happening as Tesla has pulled the option for the time being. Last night, Tesla CEO Elon Musk tweeted the option has been taken off due to it causing "too much confusion". Since Tesla began offering the option in October 2016, the company has seen a number of top managers and engineers leave the Autopilot program. A number of owners who paid for the $8,000 option have filed a class-action lawsuit, "alleging they were deceived into buying a feature that didn’t exist." However, this feature isn't going away. Bloomberg obtained an internal email where Musk told employees they needed about 100 more people to join an internal testing program that is linked to full self-driving feature. Source: Bloomberg View full article
  2. For the past couple of years, Tesla has been offering an $8,000 "full self-driving" feature for their Autopilot system. But you couldn't use this feature as Tesla had not yet activated this feature. Basically, you were buying a system that Tesla promised would come online sometime in the near future. But that is not happening as Tesla has pulled the option for the time being. Last night, Tesla CEO Elon Musk tweeted the option has been taken off due to it causing "too much confusion". Since Tesla began offering the option in October 2016, the company has seen a number of top managers and engineers leave the Autopilot program. A number of owners who paid for the $8,000 option have filed a class-action lawsuit, "alleging they were deceived into buying a feature that didn’t exist." However, this feature isn't going away. Bloomberg obtained an internal email where Musk told employees they needed about 100 more people to join an internal testing program that is linked to full self-driving feature. Source: Bloomberg
  3. Tesla finds itself without a chairman of the board as Elon Musk has stepped down due to a settlement with Securities and Exchange Commission. A possible replacement for Musk could be James Murdoch, chief executive of 21st Century Fox and a member of Tesla's board according to a report from the Financial Times. The SEC is wanting the next chairperson to be independent and not beholden to Musk. Murdoch is the closest thing as he has more financial independence than another candidate, Antonio Gracias. The FT report says Gracias' venture capital firm, Valor Equity Partners was an early investor into Tesla, though it had sold its shares when Tesla had its IPO. Gracias is also a stakeholder in Musk's SpaceX, which clouds his independence. That isn't to say Murdoch's independence is clear either as he is friends with Musk, and has sided with him on a number of decisions. Sources tell the FT that Tesla is also looking outside of the company for a possible replacement. Tesla didn't respond for comment, but Elon Musk took to Twitter last night to respond. "This is incorrect," he wrote. Source: Financial Times (Subscription Required), Bloomberg
  4. Tesla finds itself without a chairman of the board as Elon Musk has stepped down due to a settlement with Securities and Exchange Commission. A possible replacement for Musk could be James Murdoch, chief executive of 21st Century Fox and a member of Tesla's board according to a report from the Financial Times. The SEC is wanting the next chairperson to be independent and not beholden to Musk. Murdoch is the closest thing as he has more financial independence than another candidate, Antonio Gracias. The FT report says Gracias' venture capital firm, Valor Equity Partners was an early investor into Tesla, though it had sold its shares when Tesla had its IPO. Gracias is also a stakeholder in Musk's SpaceX, which clouds his independence. That isn't to say Murdoch's independence is clear either as he is friends with Musk, and has sided with him on a number of decisions. Sources tell the FT that Tesla is also looking outside of the company for a possible replacement. Tesla didn't respond for comment, but Elon Musk took to Twitter last night to respond. "This is incorrect," he wrote. Source: Financial Times (Subscription Required), Bloomberg View full article
  5. To say that today the average auto is a supercomputer would be an understatement. Auto's are being asked to do so much now that many take it for granted what they can do and others wonder why self driving auto's are not already normal here after years of self driving auto's being promised. Part of this is computer tech only now getting up to speed, other reasons is adoption by people. Consumer Reports decided to check out just how good is autonomous driving and is it more of a Semi-automated driving. Consumer Reports has compared the Cadillac Super Cruise, Tesla's AutoPilot along with Nissan's ProPilot and Volvo's Pilot Assist. While GM, Tesla and Volvo did not respond to Consumer Reports request for response, Nissan did issue a statement saying that their ProPilot Assist system is available on several models all of which cost tens of thousands of dollars less than the others in the report. While CR has tested the automated driving systems for years, this is their first official in depth testing of the systems. The testing was conducted on both private and public roads to insure real world results. With a system that uses a combination of cameras, radar and other various sensors to map, monitor and react to traffic conditions, each system had its limitations. Cadillac Super Cruise only works on divided highways that have been mapped by GM. Tesla Autopilot can work on small, curvy roads with poor lane markings but operates erratically in those situations. Nissans ProPilot did better than Tesla and Volvo for keeping the drivers engaged but just under Cadillac's Super Cruise. Over all Cadillac's Super Cruise was judged to be the best balance of High-tech capabilities with car operational safety and driver engagement. Consumer Reports does point out that Super Cruise is NOT GM's Cruise self-driving technology that Honda has just bought into to help bring to market. Reuters Story
  6. Drew Dowdell

    Update: Musk Out as Chairman of Tesla

    In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board. View full article
  7. Drew Dowdell

    Update: Musk Out as Chairman of Tesla

    In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board.
  8. Late Thursday afternoon saw a massive bombshell dropped; the SEC sued Elon Musk over securities fraud over his August tweet that he was considering taking Tesla private and having the "Funding secured." But a new report from CNBC said there was a possible settlement between the two where Musk would not have to admit guilt. However, Musk pulled the plug on the deal at the last minute. According to sources, this is what the proposed deal looked like, Tesla and Musk would had to pay a fine Musk would not have to admit guilt or deny culpability Barred Musk as being the chairman for two years Require Tesla to find two new independent directors However, Musk refused this deal "because he felt that by settling he would not be truthful to himself, and he wouldn't have been able to live with the idea that he agreed to accept a settlement and any blemish associated with that, the sources said." This move puts Tesla and Musk in a very difficult spot. The company's stock fell 13.9 percent on Friday - the worst since November 2013. There are also questions as to whether or not Elon Musk will stay on as CEO or if this mess will force him to leave. Choosing to fight the SEC means it could take years for an outcome to be reached according to Toni Sacconaghi, an analyst with Bernstein Research. "In the absence of a settlement, the mere possibility that Musk could be removed as CEO (or entirely from Telsa) is likely to cast an overhang on the stock, and make it extremely difficult for the company to raise capital (either private or public)," Sacconaghi said. What will be Tesla's defense to the SEC's charge? The Wall Street Journal learned from a source that Musk believed "he had a verbal agreement in place with Saudi Arabia’s sovereign-wealth fund to help finance a plan to take the auto maker private." Musk believes that the SEC isn't "taking into account that Middle Eastern businesses routinely operate using verbal agreements in principle." Source: CNBC, Wall Street Journal (Subscription Required)
  9. Late Thursday afternoon saw a massive bombshell dropped; the SEC sued Elon Musk over securities fraud over his August tweet that he was considering taking Tesla private and having the "Funding secured." But a new report from CNBC said there was a possible settlement between the two where Musk would not have to admit guilt. However, Musk pulled the plug on the deal at the last minute. According to sources, this is what the proposed deal looked like, Tesla and Musk would had to pay a fine Musk would not have to admit guilt or deny culpability Barred Musk as being the chairman for two years Require Tesla to find two new independent directors However, Musk refused this deal "because he felt that by settling he would not be truthful to himself, and he wouldn't have been able to live with the idea that he agreed to accept a settlement and any blemish associated with that, the sources said." This move puts Tesla and Musk in a very difficult spot. The company's stock fell 13.9 percent on Friday - the worst since November 2013. There are also questions as to whether or not Elon Musk will stay on as CEO or if this mess will force him to leave. Choosing to fight the SEC means it could take years for an outcome to be reached according to Toni Sacconaghi, an analyst with Bernstein Research. "In the absence of a settlement, the mere possibility that Musk could be removed as CEO (or entirely from Telsa) is likely to cast an overhang on the stock, and make it extremely difficult for the company to raise capital (either private or public)," Sacconaghi said. What will be Tesla's defense to the SEC's charge? The Wall Street Journal learned from a source that Musk believed "he had a verbal agreement in place with Saudi Arabia’s sovereign-wealth fund to help finance a plan to take the auto maker private." Musk believes that the SEC isn't "taking into account that Middle Eastern businesses routinely operate using verbal agreements in principle." Source: CNBC, Wall Street Journal (Subscription Required) View full article
  10. The tweet that has become Elon Musk's version of Pandora's Box has brought forth a lawsuit from the Securities and Exchange Commission (SEC). Today, the SEC accused Musk of securities fraud when he tweeted that he had the funding secured to take Tesla private back in August. "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions," the SEC wrote in a complaint filed in Manhattan federal court today. "Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors." In the complaint, the SEC says the $420 share price was "based on a 20% premium over that day's closing share price because he thought 20% was a 'standard premium' in going-private transactions." At the time, that price would have been $419. The complaint goes on to say "Musk stated that he rounded the price up to $420 because he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it funny, which admittedly is not a great reason to pick a price.'" The SEC is requesting Musk "be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act." This whole mess began on August 7th with Musk tweeting this, This surprised a number of people and brought forth questions as to who would provide the large amount of funding needed for this. About a week later, Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could provide the necessary funding. This was based on discussions with the fund within the past couple of years. But Musk would pull the plug on this a few weeks after announcing it. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote in a blog post. According to Bloomberg, the SEC was already investigating Tesla for various issues including projection into car sales before Musk made the tweet that brought forth a number of problems. “This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” said Musk in a statement. "Neither celebrity status nor a reputation as a technological innovator provide an exemption from the federal securities laws," Stephanie Avakian, co-director of the SEC's Enforcement Division said during a press conference. Source: Bloomberg (Subscription Required), Roadshow, SEC (Link to the complaint) View full article
  11. The tweet that has become Elon Musk's version of Pandora's Box has brought forth a lawsuit from the Securities and Exchange Commission (SEC). Today, the SEC accused Musk of securities fraud when he tweeted that he had the funding secured to take Tesla private back in August. "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions," the SEC wrote in a complaint filed in Manhattan federal court today. "Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors." In the complaint, the SEC says the $420 share price was "based on a 20% premium over that day's closing share price because he thought 20% was a 'standard premium' in going-private transactions." At the time, that price would have been $419. The complaint goes on to say "Musk stated that he rounded the price up to $420 because he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it funny, which admittedly is not a great reason to pick a price.'" The SEC is requesting Musk "be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act." This whole mess began on August 7th with Musk tweeting this, This surprised a number of people and brought forth questions as to who would provide the large amount of funding needed for this. About a week later, Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could provide the necessary funding. This was based on discussions with the fund within the past couple of years. But Musk would pull the plug on this a few weeks after announcing it. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote in a blog post. According to Bloomberg, the SEC was already investigating Tesla for various issues including projection into car sales before Musk made the tweet that brought forth a number of problems. “This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” said Musk in a statement. "Neither celebrity status nor a reputation as a technological innovator provide an exemption from the federal securities laws," Stephanie Avakian, co-director of the SEC's Enforcement Division said during a press conference. Source: Bloomberg (Subscription Required), Roadshow, SEC (Link to the complaint)
  12. We have to wonder if Tesla CEO Elon Musk regrets posting this tweet as the Justice Department has opened an investigation into the company. Bloomberg has learned from two sources that federal prosecutors opened a fraud investigation into the company after Musk's tweet sent shares soaring. This follows an inquiry by Securities and Exchange Commission into whether or not Tesla had issued "misleading pronouncements on manufacturing goals and sales targets." The investigation is in the early stages according to a source and its unclear how big of a scope the investigation could take. Prosecutors could look into other statements by Musk concerning Tesla's overall health and the circumstances surrounding Dave Morton, Tesla's former chief accounting officer. “Last month, following Elon’s announcement that he was considering taking the company private, Tesla received a voluntary request for documents from the DOJ and has been cooperative in responding to it. We have not received a subpoena, a request for testimony, or any other formal process. We respect the DOJ’s desire to get information about this and believe that the matter should be quickly resolved as they review the information they have received,” Tesla said in a statement today. Source: Bloomberg View full article
  13. We have to wonder if Tesla CEO Elon Musk regrets posting this tweet as the Justice Department has opened an investigation into the company. Bloomberg has learned from two sources that federal prosecutors opened a fraud investigation into the company after Musk's tweet sent shares soaring. This follows an inquiry by Securities and Exchange Commission into whether or not Tesla had issued "misleading pronouncements on manufacturing goals and sales targets." The investigation is in the early stages according to a source and its unclear how big of a scope the investigation could take. Prosecutors could look into other statements by Musk concerning Tesla's overall health and the circumstances surrounding Dave Morton, Tesla's former chief accounting officer. “Last month, following Elon’s announcement that he was considering taking the company private, Tesla received a voluntary request for documents from the DOJ and has been cooperative in responding to it. We have not received a subpoena, a request for testimony, or any other formal process. We respect the DOJ’s desire to get information about this and believe that the matter should be quickly resolved as they review the information they have received,” Tesla said in a statement today. Source: Bloomberg
  14. If there is a trend at Tesla, it's that there's always more to the various stories. Case in point: On Friday night, CEO Elon Musk posted a piece on Tesla's blog saying that plans have been scrapped about taking the company private. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote. But what led him to this decision? Over the weekend, Bloomberg, The New York Times and Wall Street Journal published pieces into Musk's reversal. The short of it comes down to Musk jumped the gun with his announcement earlier this month on Twitter without making sure everything was in place. This from the New York Times - emphasis mine. Let's begin with Saudi Arabia. As we reported earlier this month, Musk said in a blog post that he believed Saudi Arabia's Public Investment Fund could provide the funding necessary for the move to go private. This was based on discussions between the two, along with the fund purchasing a small stake into the company. The Saudi's didn't share the same enthusiasm. While the fund was open to make a significant investment into Tesla to hedge the country against oil and help attract tech expertise, sources tell Bloomberg the fund was only interested in a minority stake. The two hadn't reached an agreement on the possible terms according to a source, before Musk made his post announcing the fund. The Wall Street Journal learned from a government official that Musk's post angered some senior officials in the kingdom. Some officials wondered about Musk's "health as well as the role he would play in the company." This might explain some of reasoning behind the possibility of Saudi Arabia's PIF investing to Lucid Motors - something we brought to light last week. Meanwhile, there were concerns at Tesla about Saudi Arabia. Some complained to Musk about selling a large chunk of shares to a foreign oil producer wouldn't be a good look. As for the private investors, the Journal reports that Goldman Sachs and private-equity firm were brought in to help facilitate a deal. Last Wednesday, the two presented Musk a roster of investors including Volkswagen and Silver Lake itself (promising to contribute up to $30 billion according to sources). But these weren't the investors that Musk wanted as he was suspicious of rival car companies, along with losing a number of small investors. There would also be a catch as the two explained the money being provided would have strings attached such as having a lot of say in how the company is run. A day later, Musk met with the board saying that he would be withdrawing the idea of going private. Source: Bloomberg, New York Times, Wall Street Journal (Subscription Required) View full article
  15. William Maley

    Why Musk Pulled the Plug on Tesla Going Private

    If there is a trend at Tesla, it's that there's always more to the various stories. Case in point: On Friday night, CEO Elon Musk posted a piece on Tesla's blog saying that plans have been scrapped about taking the company private. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote. But what led him to this decision? Over the weekend, Bloomberg, The New York Times and Wall Street Journal published pieces into Musk's reversal. The short of it comes down to Musk jumped the gun with his announcement earlier this month on Twitter without making sure everything was in place. This from the New York Times - emphasis mine. Let's begin with Saudi Arabia. As we reported earlier this month, Musk said in a blog post that he believed Saudi Arabia's Public Investment Fund could provide the funding necessary for the move to go private. This was based on discussions between the two, along with the fund purchasing a small stake into the company. The Saudi's didn't share the same enthusiasm. While the fund was open to make a significant investment into Tesla to hedge the country against oil and help attract tech expertise, sources tell Bloomberg the fund was only interested in a minority stake. The two hadn't reached an agreement on the possible terms according to a source, before Musk made his post announcing the fund. The Wall Street Journal learned from a government official that Musk's post angered some senior officials in the kingdom. Some officials wondered about Musk's "health as well as the role he would play in the company." This might explain some of reasoning behind the possibility of Saudi Arabia's PIF investing to Lucid Motors - something we brought to light last week. Meanwhile, there were concerns at Tesla about Saudi Arabia. Some complained to Musk about selling a large chunk of shares to a foreign oil producer wouldn't be a good look. As for the private investors, the Journal reports that Goldman Sachs and private-equity firm were brought in to help facilitate a deal. Last Wednesday, the two presented Musk a roster of investors including Volkswagen and Silver Lake itself (promising to contribute up to $30 billion according to sources). But these weren't the investors that Musk wanted as he was suspicious of rival car companies, along with losing a number of small investors. There would also be a catch as the two explained the money being provided would have strings attached such as having a lot of say in how the company is run. A day later, Musk met with the board saying that he would be withdrawing the idea of going private. Source: Bloomberg, New York Times, Wall Street Journal (Subscription Required)
  16. Over two weeks ago, Tesla CEO Elon Musk took everyone by surprise by announcing his intention to take Tesla private. But those plans have been scrapped. Last night, Musk published a blog post saying that he had met with the board and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.” "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” wrote Musk. In a separate statement, Tesla's board of directors confirmed Musk's decision. "Yesterday, we held a Board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the Board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The Board and the entire company remain focused on ensuring Tesla’s operational success, and we fully support Elon as he continues to lead the company moving forward," the statement says. This saga began with a tweet back on August 7th, This tweet sent everyone into a tizzy and caused NASDAQ to halt trading of Tesla stock for a few hours. There was one big question, how was Tesla going to fund this? Musk revealed a week later that it would be Saudi Arabia’s Public Investment Fund, though reports say the fund isn't so thrilled about this idea. As we reported earlier this week, the fund is in talks with another electric automaker, Lucid Motors. The announcement has prompted the U.S. Securities and Exchange Commission (SEC) to subpoena the company, along with a number of lawsuits from upset investors. Source: Tesla, Bloomberg
  17. Over two weeks ago, Tesla CEO Elon Musk took everyone by surprise by announcing his intention to take Tesla private. But those plans have been scrapped. Last night, Musk published a blog post saying that he had met with the board and “let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.” "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” wrote Musk. In a separate statement, Tesla's board of directors confirmed Musk's decision. "Yesterday, we held a Board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the Board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The Board and the entire company remain focused on ensuring Tesla’s operational success, and we fully support Elon as he continues to lead the company moving forward," the statement says. This saga began with a tweet back on August 7th, This tweet sent everyone into a tizzy and caused NASDAQ to halt trading of Tesla stock for a few hours. There was one big question, how was Tesla going to fund this? Musk revealed a week later that it would be Saudi Arabia’s Public Investment Fund, though reports say the fund isn't so thrilled about this idea. As we reported earlier this week, the fund is in talks with another electric automaker, Lucid Motors. The announcement has prompted the U.S. Securities and Exchange Commission (SEC) to subpoena the company, along with a number of lawsuits from upset investors. Source: Tesla, Bloomberg View full article
  18. Last Tuesday, Tesla CEO Elon Musk tweeted out that he was considering taking the automaker private and had "secured" funding. Since then, the question of who is providing the funding has been left unanswered. Today, Musk wrote up a blog post that provides some insight. The post reveals that Saudi Arabia's Public Investment Fund is responsible for the possible funding of Tesla's move to private. In the last two years, representatives of the fund have met with Musk and discussed possibly taking the company off the market. The most recent meeting was on July 31st, after the fund bought an almost 5 percent stake. "During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time. I understood from him that no other decision makers were needed and that they were eager to proceed," Musk wrote. "I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving. This is why I referred to “funding secured” in the August 7th announcement." The board was notified about Musk's intentions to take Tesla private on August 2nd. From there, the board held a meeting (minus Musk and his brother Kimbal, who is also a board member) to discuss this possibility. Musk also planned to speak to the company's largest shareholders about the possible move. Towards the end of the post, Musk said he is continuing "to communicate with the Managing Director of the Saudi fund," and that "he has expressed support for proceeding subject to financial and other due diligence and their internal review process for obtaining approvals." But there is one big question that is unanswered; did Musk secure the funding when he made that tweet or not? As we reported last week, the Securities and Exchange Commission (SEC) is looking into whether or not Musk was lying about the funding. If Musk was able to get the funding, it will be quite awhile before Tesla can become private. Per the blog post, the board needs to put together a plan that it can agree upon. From there, shareholders will vote on the plan. If approved, Tesla can start on the next steps. Source: Tesla View full article
  19. Last Tuesday, Tesla CEO Elon Musk tweeted out that he was considering taking the automaker private and had "secured" funding. Since then, the question of who is providing the funding has been left unanswered. Today, Musk wrote up a blog post that provides some insight. The post reveals that Saudi Arabia's Public Investment Fund is responsible for the possible funding of Tesla's move to private. In the last two years, representatives of the fund have met with Musk and discussed possibly taking the company off the market. The most recent meeting was on July 31st, after the fund bought an almost 5 percent stake. "During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time. I understood from him that no other decision makers were needed and that they were eager to proceed," Musk wrote. "I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving. This is why I referred to “funding secured” in the August 7th announcement." The board was notified about Musk's intentions to take Tesla private on August 2nd. From there, the board held a meeting (minus Musk and his brother Kimbal, who is also a board member) to discuss this possibility. Musk also planned to speak to the company's largest shareholders about the possible move. Towards the end of the post, Musk said he is continuing "to communicate with the Managing Director of the Saudi fund," and that "he has expressed support for proceeding subject to financial and other due diligence and their internal review process for obtaining approvals." But there is one big question that is unanswered; did Musk secure the funding when he made that tweet or not? As we reported last week, the Securities and Exchange Commission (SEC) is looking into whether or not Musk was lying about the funding. If Musk was able to get the funding, it will be quite awhile before Tesla can become private. Per the blog post, the board needs to put together a plan that it can agree upon. From there, shareholders will vote on the plan. If approved, Tesla can start on the next steps. Source: Tesla
  20. Everyone seemed to lose their mind when Tesla CEO Elon Musk tweeted out Tuesday that he was considering taking the company private. For a time, the NASDAQ had to halt trading of Tesla stock because of massive fluctuations in the share price. The reasoning behind this move made sense as it would allow the company to focus on the long-term. But this tweet has also brought some unattended problems. Reuters has learned from sources at Tesla that the board of directors is seeking more information from him as to how the buyout will be financed. As we reported yesterday, the board has talked about this idea for some time. But a source reveals that it hasn't gotten either a detailed plan from Musk, nor any information as to who will provide the funding. Both Reuters and CNBC are reporting that the board will make a decision on whether or not to do a formal review of Musk's proposal in the coming days. It also plans to speak with financial advisers about explore this proposal. Sources tell CNBC that the board will ask Musk to recuse himself from the review process of his proposal. He'll need to hire his own advisers for a review. There is another twist in this story. Musk has talked to Saudi Arabia's sovereign wealth fund about a take-private deal, according to a source. This is likely due to the Saudi's Public Investment Fund buying between a 3 to 5 percent stake in the automaker, worth about $2 billion that was brought to light this week. Tesla's board isn't the only group interested in Musk's plan. Last night, the Wall Street Journal reported that the Securities and Exchange Commission (SEC) is inquiring whether or not Musk was telling the truth when said that he had secured funding for the buyout. Under U.S. law, companies and officials cannot give misleading information about events to shareholders. It is unclear whether or not this will cause an investigation be opened or not. A SEC spokesman declined to comment. Musk could also be in trouble if the SEC find evidence that his tweet was aimed at increasing the company's share price. We'll keep you posted if anything new breaks. Source: Wall Street Journal (Subscription Required), Reuters, CNBC View full article
  21. Everyone seemed to lose their mind when Tesla CEO Elon Musk tweeted out Tuesday that he was considering taking the company private. For a time, the NASDAQ had to halt trading of Tesla stock because of massive fluctuations in the share price. The reasoning behind this move made sense as it would allow the company to focus on the long-term. But this tweet has also brought some unattended problems. Reuters has learned from sources at Tesla that the board of directors is seeking more information from him as to how the buyout will be financed. As we reported yesterday, the board has talked about this idea for some time. But a source reveals that it hasn't gotten either a detailed plan from Musk, nor any information as to who will provide the funding. Both Reuters and CNBC are reporting that the board will make a decision on whether or not to do a formal review of Musk's proposal in the coming days. It also plans to speak with financial advisers about explore this proposal. Sources tell CNBC that the board will ask Musk to recuse himself from the review process of his proposal. He'll need to hire his own advisers for a review. There is another twist in this story. Musk has talked to Saudi Arabia's sovereign wealth fund about a take-private deal, according to a source. This is likely due to the Saudi's Public Investment Fund buying between a 3 to 5 percent stake in the automaker, worth about $2 billion that was brought to light this week. Tesla's board isn't the only group interested in Musk's plan. Last night, the Wall Street Journal reported that the Securities and Exchange Commission (SEC) is inquiring whether or not Musk was telling the truth when said that he had secured funding for the buyout. Under U.S. law, companies and officials cannot give misleading information about events to shareholders. It is unclear whether or not this will cause an investigation be opened or not. A SEC spokesman declined to comment. Musk could also be in trouble if the SEC find evidence that his tweet was aimed at increasing the company's share price. We'll keep you posted if anything new breaks. Source: Wall Street Journal (Subscription Required), Reuters, CNBC
  22. William Maley

    Elon Musk Proposes Taking Tesla Private

    Yesterday afternoon, Tesla CEO Elon Musk tweeted this This sent everyone into a tizzy, wondering if he was being serious or not. In fact, NASDAQ had to halt trading of Tesla for a couple of hours because of this tweet. Thankfully, Tesla posted an email that was sent by Musk to employees explaining why. The key reason comes down wanting to minimize distractions and begin focusing on the long term. "But the reason for doing this is all 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," Musk wrote in the email. Musk also made light of the short sellers who bet against Tesla succeeding, saying the company was the most shorted stock "in the history of the stock market". By going private, it gives the company some protection. How would this changeover to private work? Musk said he would like to offer shareholders to either remain or sell their shares at $420 per share (a bit higher than the $375.16 share price at the time of this writing). He would also like Tesla's employees to remain as shareholders. "Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible," the email states. This move will need to be approved by Tesla's board of directors. In a statement released this morning, several members of the board published a statement that echoes the reasons given by Musk. It also reveals that this idea had been on Musk's mind for sometime. "Last week, Elon opened a discussion with the board about taking the company private. This included discussion as to how being private could better serve Tesla's long-term interests, and also addressed the funding for this to occur. The board has met several times over the last week and is taking the appropriate next steps to evaluate this," the statement says. One of those "appropriate next steps" is getting enough money to do the buybacks. Musk in his tweet said he has funding for it, but it is unclear who and how much is being provided. According to MarketWatch, the buyout would total $72 billion if all of the shareholders decide to sell. Source: Tesla, MarketWatch View full article
  23. William Maley

    Elon Musk Proposes Taking Tesla Private

    Yesterday afternoon, Tesla CEO Elon Musk tweeted this This sent everyone into a tizzy, wondering if he was being serious or not. In fact, NASDAQ had to halt trading of Tesla for a couple of hours because of this tweet. Thankfully, Tesla posted an email that was sent by Musk to employees explaining why. The key reason comes down wanting to minimize distractions and begin focusing on the long term. "But the reason for doing this is all 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," Musk wrote in the email. Musk also made light of the short sellers who bet against Tesla succeeding, saying the company was the most shorted stock "in the history of the stock market". By going private, it gives the company some protection. How would this changeover to private work? Musk said he would like to offer shareholders to either remain or sell their shares at $420 per share (a bit higher than the $375.16 share price at the time of this writing). He would also like Tesla's employees to remain as shareholders. "Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible," the email states. This move will need to be approved by Tesla's board of directors. In a statement released this morning, several members of the board published a statement that echoes the reasons given by Musk. It also reveals that this idea had been on Musk's mind for sometime. "Last week, Elon opened a discussion with the board about taking the company private. This included discussion as to how being private could better serve Tesla's long-term interests, and also addressed the funding for this to occur. The board has met several times over the last week and is taking the appropriate next steps to evaluate this," the statement says. One of those "appropriate next steps" is getting enough money to do the buybacks. Musk in his tweet said he has funding for it, but it is unclear who and how much is being provided. According to MarketWatch, the buyout would total $72 billion if all of the shareholders decide to sell. Source: Tesla, MarketWatch
  24. Tesla announced their second-quarter results this afternoon and the picture that it paints is somewhat cloudy. The company reported a loss of $717.5 million for the quarter, marking the seventh consecutive loss, On the upside, Tesla's revenue for the quarter was about $3.4 billion. In terms of production, Tesla said it produced 53,339 vehicles for the quarter. More importantly, the company delivered 18,449 Model 3s in that timeframe. During the earnings call, CEO Elon Musk said the company would become profitable towards the end of this year as it ramps up production and deliveries of the Model 3. "Our goal is to be profitable and cashflow positive in every quarter going forward," said Musk. To reach this, Musk has set new goals of producing 6,000 Model 3s per week by the end of August, and then raising that to 10,000 vehicles next year. Currently, Tesla is producing "approximately 5,000 Model 3 cars" per week. Source: Tesla
  25. Tesla announced their second-quarter results this afternoon and the picture that it paints is somewhat cloudy. The company reported a loss of $717.5 million for the quarter, marking the seventh consecutive loss, On the upside, Tesla's revenue for the quarter was about $3.4 billion. In terms of production, Tesla said it produced 53,339 vehicles for the quarter. More importantly, the company delivered 18,449 Model 3s in that timeframe. During the earnings call, CEO Elon Musk said the company would become profitable towards the end of this year as it ramps up production and deliveries of the Model 3. "Our goal is to be profitable and cashflow positive in every quarter going forward," said Musk. To reach this, Musk has set new goals of producing 6,000 Model 3s per week by the end of August, and then raising that to 10,000 vehicles next year. Currently, Tesla is producing "approximately 5,000 Model 3 cars" per week. Source: Tesla View full article

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