"Last week, Elon opened a discussion with the board about taking the company private", six directors on Tesla's nine-member board said in a statement. Shares rocketed up 11 percent after Musk's grand reveal Tuesday, with some expecting they would hit $420 - the price Musk had promised shareholders would receive once the company had finalized its go-private transformation.
Tesla is a legendary cash-burner, with roughly $10 billion in debts and $2 billion in reserves, and Musk would probably need in the tens of billions of dollars to buy out shareholders at the right price.
The six board members who issued the statement on Wednesday included James Murdoch, chief executive of Twenty-First Century Fox Inc. and Brad Buss, who was the chief financial officer of solar panel maker SolarCity until it was bought by Tesla in 2016.
Trading in Tesla was halted for an hour and a half on Tuesday afternoon, by which time the stock had soared to $370.
Former SEC chair Harvey Pitt told CNBC that while the USA stock market regulator permits executives of publicly listed companies to use social media to make statements about their businesses, Musk's tweet was still "highly unprecedented".
He said that would allow Tesla to "operate at its best, free from as much distraction and short-term thinking as possible".
There has been no word on when any vote might take place.
Tesla stock closed Tuesday at $379.57. But going private could also complicate Tesla's effort to build a mainstream electric auto by removing the easy access to capital the Wall Street darling has enjoyed.
Midway through the trading session in NY on Wednesday, Tesla shares were down 5% at $374 after surging 11% on Tuesday. The move would also foreclose the option of selling more stock to raise cash every year, a move which Musk has disfavored in recent years.
I drove the regular, 271-hp, rear-wheel-drive Tesla Model 3 a few months ago and liked it.
Musk has some sensible reasons for going private.
The Tesla board responded to the proposal earlier Wednesday morning, indicating that it is evaluating things.
It's unclear who Musk secured funding from.
Tesla may find it hard to line up banks and investors to lend it large sums.
The most obvious equity partners for Musk would be a sovereign wealth fund such as Saudi Arabia's Public Investment Fund (PIF), which sources said on Tuesday had taken a stake of just below 5 percent in Tesla, or a major technology investment fund such as SoftBank Group Corp's Vision Fund, bankers said. He might not get all of those to buy into his plan.
Two of the potential stumbling blocks to Musk's plan include the stock price premium not being enough to get the existing shareholders on board to support the sale and coming up short on the announced funding to complete the transition.
Frozen: The Musical star Patti Murin even expressed (in an all-caps tweet , mind you) her interest in playing Batwoman . According to the character's bio from DC Comics , Kate Kane is a former student in the United States Military Academy.
He added that he hoped all shareholders would remain and that all Tesla employees would "remain shareholders of the company". One of the more notable short sellers in Tesla's stock, Jim Chanos of Kynikos Associates, commented on Musk's tweet to CNBC .
He has also told jurors that he and Manafort knew they were committing crimes for years as part of the offshore payment structure. Gates and Manafort purposely lied to Manafort's accountants, telling them he had no foreign accounts or interests, Gates said.
Several men, believed to be pedophile "clients" of the couple, have also been prosecuted in connection with the case. Christian L. claimed in court that he was the "driving force" behind them, and the mother has not stated a motive.
ET, the flight carried communications satellite Merah Putih, which is named for the red and white colors of the Indonesian flag. Its first launch was in May 2018. "The satellite is expected to have a service lifetime of 15 or more years", SpaceX said .
I knew that you'd be there and you'd be a partner to me - and a teammate. "We are moving in together". Becca said that while the scandal was "a hurdle", the thought of leaving him "never crossed my mind".
Karunanidhi entered politics at the age of 14, after being inspired by a speech made by Alagiriswami of the Justice Party in 1932. Stalin, now the public face of the party maintains his father will always be the leader, but he's a Chief Minister in waiting.
Thomas refused medical treatment, according to police. "I'm not trying to die on my bday or go to jail", she wrote. According News12, Hiuyue Zheng is facing charges of assault, menacing, and criminal possession of a weapon.
Ontario Premier Doug Ford rolled out the provincial government's buck-a-beer plan at a brewery early today in Picton, Ont. Starting August 27, the minimum price floor for a bottle or can of beer, below 5.6 per cent alcohol volume, will be $1.00.
The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. China reported larger than expected exports in July, even as the USA prepared a new list of products for tariffs.
The case involved Innate Immunotherapeutics, an Australian biotech company. for which Collins served as a board member. He and the other defendants are charged with securities and wire fraud, conspiracy and lying to investigators.
MoviePass CEO Mitch Lowe blamed the change on the small number of users who were taking advantage of the "unlimited" promise. The change comes a week after MoviePass said it would increase its monthly $9.95 subscription plan to $14.95.
The image, which showed an Air Canada plane aimed at Toronto's skyline, attracted criticism soon after it was posted. Mr Al Yami said Saudi Arabia conducted all the necessary legal procedures as dictated by its own law.
A recent report implied that Disney was in talks to reacquire the cable rights for the original trilogy and the prequels. This service will rival Netflix, though Iger has said in the past that it will cost "significantly less" than Netflix.
The most attention-grabbing announcement is the arrival of a new award for Outstanding Achievement in Popular Film . It also announced that presentation would be aired at a much earlier date than expected, in February 2020.
Canadian exports to Saudi Arabia were about $1.12 billion in 2017, or 0.2 percent of the total value of Canadian exports. Since then, the Saudi kingdom has pursued a scorched-earth policy towards anything related to Canada .
Oxfam said more than 20,000 people were in temporary shelters and thousands more were camping out in the open. About 2,700 had left, but several thousand more tourists and hotel employees are waiting to leave, he said.
FILE - A clerk counts Chinese yuan and USA dollar banknotes at a branch of Bank of China in Taiyuan, China, Jan. 4, 2016. The ministry also warned that it reserves the right of further countermeasures in the intensifying trade war.
The Sun add Raiola approached United executive vice-chairman Ed Woodward in January shortly after Sanchez arrived. And if you don't play to your potential and your agent continues to agitate then that may change'".
John Kasich , a leading voice in the GOP's shrinking anti-Trump wing, once represented the district in Congress. Once they are tallied, an automatic recount would be triggered if the margin of results is within 0.5 percent.
But as she was paying she kept thinking, this guy looks familiar. "It was then I realized what an idiot I was", she added. The country music star thanked Reed and introduced himself as Keith - and she told him he looked like Keith Urban.
Saraki was also expected to meet with Mahmoud Yakubu, chairman of the Independent National Electoral Commission (INEC). Daura is however in a closed-door meeting with the Acting President, now holding at the presidential villa in Abuja.
A geophysicist and volcanologist, Gerst also worked as a volunteer firefighter while in school, according to his ESA biography . Officials have confirmed that six people, including two firefighters and a woman and her two great-grandchildren, have died.