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Shortly after an article in the Financial Times confirmed that Saudi Arabia's Public Investment Fund had amassed a $2 billion stake in Tesla, Tesla CEO Elon Musk announced that he was considering taking the company private, buying back shares
for $420.
In an internal email to employees, Musk noted that "no final decision has been made," but the move is seriously considering isolating the company from some specific issues that have recently distracted the company
.
Musk hopes the move will reduce internal volatility caused by the massive stock volatility
experienced by publicly traded stocks.
Musk also specifically commented that taking the company private would disengage
it from quarterly earnings reports and quarterly commitments on conference calls.
Looking back over the past few weeks, Tesla withdrew all financial support to meet its publicly committed goal of producing 5,000 Model 3s
per week by the end of the quarter.
The move to take the company private requires a shareholder vote, but with so many investors interested in the aforementioned goals, Tesla short sellers didn't vote, and the vote seems likely to pass
.
Musk, on the other hand, shared his plans to buy back shares at $420 per share, with 169.
79 million outstanding shares valued at $71.
3 billion.
He said that if the deal is approved, he will give shareholders the option to sell or convert to private shares
at $420 per share.
On the internal side, employees will continue to own shares and have an option to sell them
every six months or so.
Every Tesla employee is a shareholder, and one employee told us that he/she received $10,000 worth of stock on the first day of employment at Tesla, and options can also be exercised
periodically.
Shortly after an article in the Financial Times confirmed that Saudi Arabia's Public Investment Fund had amassed a $2 billion stake in Tesla, Tesla CEO Elon Musk announced that he was considering taking the company private, buying back shares
for $420.
In an internal email to employees, Musk noted that "no final decision has been made," but the move is seriously considering isolating the company from some specific issues that have recently distracted the company
.
Musk hopes the move will reduce internal volatility caused by the massive stock volatility
experienced by publicly traded stocks.
Musk also specifically commented that taking the company private would disengage
it from quarterly earnings reports and quarterly commitments on conference calls.
Looking back over the past few weeks, Tesla withdrew all financial support to meet its publicly committed goal of producing 5,000 Model 3s
per week by the end of the quarter.
The move to take the company private requires a shareholder vote, but with so many investors interested in the aforementioned goals, Tesla short sellers didn't vote, and the vote seems likely to pass
.
Musk, on the other hand, shared his plans to buy back shares at $420 per share, with 169.
79 million outstanding shares valued at $71.
3 billion.
He said that if the deal is approved, he will give shareholders the option to sell or convert to private shares
at $420 per share.
On the internal side, employees will continue to own shares and have an option to sell them
every six months or so.
Every Tesla employee is a shareholder, and one employee told us that he/she received $10,000 worth of stock on the first day of employment at Tesla, and options can also be exercised
periodically.
