Economy

Tesla board forms independent group to explore going private

Tesla board forms independent group to explore going private

Goldman Sachs and Silver Lake are the financial advisors to Tesla on chief executive Elon Musk's plan to take the company private, he said in a tweet.

In a statement published on the company's website Monday, Musk said a July 31 meeting with the managing director of Saudi Arabia's sovereign wealth fund had given him confidence the fund would back a deal to take Tesla private.

The company said in the statement the special committee has the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk. They haven't reached any conclusion on whether taking Tesla private is advisable or feasible.

The SEC is looking into whether Musk's initial announcement broke a rule preventing public companies from announcing such major financial plans if they don't intend to see them through, don't have financing secured, or are blatantly trying to manipulate the stock price.

Broncos fan starts fundraiser to buy out quarterback Paxton Lynch’s contract
Lynch, the former first-rounder twice beaten out by Siemian in Denver, was just 6 of 11 for 24 yards and an interception. Marshall and Thomas emerged from the tunnel behind the Broncos' bench after the anthem was over.

"I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base", he said.

Musk said in the blog post that the Saudi fund had offered to take Tesla private multiple times, beginning early past year, with the goal of diversifying their investments away from oil. He said the board's outside directors discussed going private without Musk or his brother Kimbal Musk, a board member, present.

But a source said Silver Lake was offering its assistance to Musk without compensation and had not been hired as a financial adviser in an official capacity.

He said the Saudis were interested "because of the important need to diversify away from oil" and added that the sovereign fund "has more than enough capital needed to execute on such a transaction". "The $420 buyout price would only be used for Tesla shareholders who do not remain with our company if it is private".

US, Mexico discuss immigration and NAFTA
Asked if Canada would rejoin the NAFTA talks next week, Guajardo said, "Hopefully". "Deal with Mexico is coming along nicely". Canada's foreign minister recently said the country is ready to resume NAFTA talks "as quickly and intensively as possible".

Embattled electric vehicle manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freakish and potentially unfounded tweets sent last week by CEO Elon Musk.

Denholm, the first woman on Tesla's board, is chief operations officer of telecom firm Telstra and the ex-CFO of network gear maker Juniper Networks (JNPR.N).

Latham and Watkins LLP has been retained by the committee as its legal counsel.

Tiger Woods tied for 6th at PGA Championship after third-round 66
But just as the party neared frenzy mode, Woods's charge tapered with a string of 10 consecutive pars. It's soft, it's plugging, we're able to hold 4-irons, 5-irons, whatever we want, at the flags.


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