Publicado: Чт, Августа 09, 2018
Financiera | Por Marilu Caballero

SEC Launches Inquiry After Elon Musk Tweets About Taking Tesla Private

SEC Launches Inquiry After Elon Musk Tweets About Taking Tesla Private

The main question now: Will he succeed? Musk hasn't specified who would fund his buyout plan, and so far, reporters trying to figure it out have come up empty-handed. But going private could also complicate Tesla's effort to build a mainstream electric vehicle by removing the easy access to capital the Wall Street darling has enjoyed.

Some on Wall Street shared that view.

Big questions remain unanswered by Musk or Tesla.

There is no reference to Musk's Twitter account on the company's investor relations page under "investor communication", although Tesla's Twitter feed is included.

Musk suggested Tesla would pay $420 (£324.58 / €362.11) per share to take the company private and this caused demand for Tesla stock to soar.

After Musk made the tweet, trading of Tesla shares was temporarily halted as an official announcement was expected to follow shortly thereafter.

The shares were already flying after the Financial Times reported that Saudi Arabia's investment fund had bought a $2 billion stake in the company. There's a chance some holders would hang on to their stakes, requiring Tesla to round up less funding.

Major shareholders include mutual fund giants Fidelity Investments and T. Rowe Price Group, whose holdings represent, respectively, 9% and 8% of Tesla's stock, per Barron's. Bernstein analyst Toni Sacconaghi wrote.

SoftBank has previously invested in Uber, Nvidia and GM's Cruise.

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Mr Musk and SoftBank held unsuccessful talks about a take-private deal in April 2017, according to a source familiar with the matter.

He's also Tesla's largest shareholder.

'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.

Even though Musk has 22.3 million followers on Twitter, Tesla probably should have ensured even wider distribution of the news by simultaneously posting information on its website and filing documents with the SEC, Coffee and Henning said.

At $420 apiece, buying all of Tesla's shares would cost about $72 billion, but Morgan Stanley analyst Adam Jonas wrote in a note to investors Wednesday that he expects about $50 billion in additional net debt.

Creating such an entity that's accessible to all shareholders would be unprecedented, the Wall Street Journal reported, citing lawyers.

Making money has proven elusive for Tesla while it has been investing in electric auto technology and ramping up production of its vehicles, including a sedan with a starting price of $35,000 to appeal to a broader audience.

It seems to have gotten the better of the billionaire who has tweeted that he's considering taking the company private.

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