Tesla board to meet to discuss taking company private

Elon Musk solarcity tesla spaceX

Their statement came less than a day after Tesla CEO Musk announced on Twitter on Tuesday that he wants to take Tesla private.

Before things came tumbling back, Tesla reached a market cap of almost $65 billion, or almost 20% more than General Motors. If Musk has lined up $85 billion of private capital that is intelligent, patient and committed to Musk's vision of a high-tech clean energy economy with Tesla as its most prominent and powerful corporate citizen, then I think he should do it, and do it now. Musk said that every six months, employees and external shareholders can buy and sell shares. The SEC has previously ruled that using social media to disclose company news is OK, as along as investors have been told that those channels may be used.

Now, attorneys from that office are also examining whether Musk's tweet about having funding secured to buy out the company was meant to be factual, according to one of the people. The share price jumped 3 percent immediately after the news. Both were on the solar panel installer's board, and Musk, whose cousins ran the company, also was SolarCity's largest shareholder.

Tesla has many mom-and-pop investors. For the record, Tesla has not been accused of any wrongdoing.

"It's very obvious that Musk did not talk to any lawyers before he made his tweet", said John Coffee Jr., a Columbia University law professor and corporate-governance expert.

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.

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"They can set the price and where the shares are going", said Justin Byers, chief data officer for the Prime Unicorn Index, which tracks the performance of 102 private US companies valued at $500 million or more.

"I don't really understand the idea of what was suggested in the potential for them to go private", Dick Weil, chief executive officer of $370 billion asset manager Janus Henderson Group, said in an interview with Bloomberg Television. "In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets". 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).

A Musk trust owns 54 percent of the outstanding stock of SpaceX, and has voting control of 78 percent of the outstanding shares, according to a 2016 U.S. Securities and Exchange Commission filing, SpaceX's most recent.

Investors also may have been spooked by reports that the SEC is looking into Tesla. This followed after Elson halted all the stock marketing on Thursday.

The stock spike after the earnings call led to Tesla short-sellers getting burnt by over US$2 billion. Tesla could seek SEC approval to make a tender offer exclusively to its small shareholders while retaining larger institutional owners, John Coffee, a professor of law at Columbia University, said in an interview.

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