Monday, 19 November, 2018

Tesla forms three-member panel to decide on any Musk deal

Tesla forms three-member panel to decide on any Musk deal Tesla forms three-member panel to decide on any Musk deal
Russell Knight | 14 August, 2018, 18:25

Musk said on Monday he had held talks with a Saudi sovereign fund on a buyout that would take Tesla off the Nasdaq exchange - an extraordinary move for what is now the United States' most valuable automaker, worth more than $60 billion. He said that the Saudi Arabian sovereign wealth fund had approached him several times about investing in Tesla and that at a July 31 meeting, the managing director "strongly expressed his support for funding a going private transaction for Tesla at this time".

A source familiar with the matter said Silver Lake was offering its assistance to Musk in his exploration of a deal without compensation, and had not been hired as a financial adviser in an official capacity. In a statement published on the company's official website, the Tesla CEO also admitted that he was first approached for the move nearly two years ago. Buss served as chief financial officer of solar panel installer SolarCity for two years before retiring in 2016.

The purchase was Tesla's last big deal and was criticized by some on Wall Street because the company, founded by two of Musk's cousins, had seen its business shrink before the takeover.

Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne, California, U.S., November 16, 2017. Denholm is the chief operating officer of Telstra, a telecommunications company. 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.

Musk has stood by his comment and today released a statement that defends the manner in which he revealed his intention and the deal that prompted it.

Pogba says he needs more support to stay at Manchester United
When quizzed about Pogba, he said: "I won't speak of any names, we have respect for all clubs and there are 20 days left". Barça's president said that the club would be prepared to make more signings, depending on who departs.

Pogba feels like United leader regardless of captaincy
You have to know one thing: a player that gets chosen and is happy, you always feel more comfortable than when he's not happy . Pogba was also asked about the contrast playing for Red Devils and Les Bleus. "I don't think about signings".

Aretha Franklin is in hospice care
Fans and celebrities alike are paying homage to Franklin in hopes she will regain her strength despite the odds. Through her lengthy career, Franklin accumulated 18 Grammy awards, including one for Lifetime Achievement.

One more director, Steve Jurvetson, is now on leave of absence following allegations of sexual harassment.

Musk's disclosure, made in a blog post on Tesla's website, comes six days after the Silicon Valley billionaire shocked investors with a post on Twitter saying he was considering taking Tesla private at $420 a share and that funding was "secured".

"No assurances can be given regarding the likelihood, terms and details of any proposal or potential going private transaction, that any proposal made by Mr. Musk. will be accepted by the special committee", the statement said.

The special committee has retained lawyers - Latham & Watkins - in addition to a legal team used by the company.

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