Monday, 20 August, 2018

Tesla shares fall 5 percent on Wall St scepticism, SEC probe reports

Tesla is now worth less than it was before Elon Musk’s $420 tweet (TSLA) Tesla board to meet to discuss taking company private: report | TheHill
Russell Knight | 12 August, 2018, 00:33

In two days, the stock has erased the 8.6% gain that followed Musk's surprise announcement on Twitter that he had secured funding to take the electric vehicle maker off the public market.

And from the prospective private investor perspective, I wonder how they'll evaluate their part of the $85 billion investment.

However, the deal structure would come with big logistical and legal challenges when it comes to buying out smaller shareholders, analysts have said.

Institutions negotiate a set price for the stock with SpaceX based on criteria such as the rocket company's financial performance and market conditions, Prasad said. They profit if they repurchase the shares at a lower price, but can face astronomical losses if the price rises instead. A spokeswoman for Fidelity, which invests in shares of other private companies including Uber Technologies Inc., Lyft Inc. and Airbnb Inc. through its mutual funds, declined to comment Tuesday. They have since surrendered gains as he has offered no evidence of funding and no potential investor has... "So it'd have to be equity, and there's not enough stupid money to buy this company at an $80 billion valuation". "And, if you stay as a shareholder, you have less information than before and you are depending more and more on Elon Musk".

The Tesla CEO said in a Twitter post on Tuesday that his plan for a privatised Tesla has been supported by investors.

As a private company, Tesla would only be able to sell new shares to institutions and individuals who have annual income of at least $200,000 or a minimum net worth of $1 million, not including their primary residence.

Tesla's board might not know where Elon's 'secure' funding is coming from
In their lawsuits, they have said that through his tweets, Musk has helped in inflating the share price artificially. Mr Musk set off a firestorm with the 53-character post on Tuesday.

Manchester United wins Premier League opener with Pogba goal
Goalscorer Shaw said: "It was my first goal and that is all that was important, it doesn't matter how I scored. Of Pogba's penalty, which came after just 75 seconds, he said: "A very good penalty taker".

NFL finds 'defective' football in Steelers-Eagles game
Less than 12 hours later, the NFL sent a memo to reporters at the league owned network that basically said, "nothing to see here". This actually isn't the first time the Steelers have been accused of doctoring their balls.

According to Rosener, Musk's tweet likely ran afoul of the SEC's anti-fraud rules.

Musk has also said he would be looking to keep his ownership of Tesla at around 20 percent, and that a special objective vehicle, like the one that exists at his aerospace company SpaceX, would allow Tesla shareholders to remain invested if they so choose.

One of the biggest questions surrounding the buyout is Tesla's long history of losing money while it has been investing in electric auto technology and ramping up production of its vehicles. By the end of the day it had rocketed close to Tesla's record closing of $389.61. And because shares would no longer be traded on an exchange, short sellers would be shut out.

"If the tweet was false, the liability could be in the billions of dollars", he said Thursday.

No other shareholder owns 10 percent or more. I just can't interpret it. Twenty-seven of the 30 companies that make up the Dow Jones Industrial Average have turned over since I entered the workforce (most recently GE, which got the boot, essentially, for failing to anticipate the impact of renewable energy on its power division). Securities and Exchange Commission has since begun to make its own inquiries to check the veracity of Musk's controversial tweet. The company's largest shareholders have declined to comment. Tesla's share price jumped on that news.

So, this begs the question: Did Saudi see an opportunity for investment in Tesla, or was it Musk who found a prime opportunity for fundraising and share-value inflation upon the reveal of Saudi interest?

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