Insta
Musk Abandons Dreams Of Petro-Dollars Propelled Private Tesla
Swarajya Staff
Aug 27, 2018, 07:34 PM | Updated 07:34 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The shares in Tesla Inc plunged by 3 per cent after Chief Executive Elon Musk announced in a company blog post that he has shelved plans to take the electric car maker private, Reuters has reported.
Elon Musk had earlier said that Saudi Arabia’s sovereign-wealth fund has approached him multiple times in the last two years offering to provide financial support to take Tesla Inc private.
In a blog post published on the company’s website last Friday, Musk mooted that based on his deliberations with Silver Lake, Goldman Sachs and Morgan Stanley he understood that most of Tesla's existing shareholders were opposed to the deal.
“I worked with Silver Lake, Goldman Sachs and Morgan Stanley, who have world-class expertise in these matters, to consider the many factors that would come into play in taking Tesla private, and to process all the incoming interest that we received from investors to fund a go-private transaction. I also spent considerable time listening to current shareholders, large and small, to understand what they think would be in the best long-term interests of Tesla.” Musk wrote in the blog.
Tesla is potentially facing a series of investor lawsuits and investigation by US Securities and Exchange Commission investigation over the veracity of Musk’s tweet claiming that funding for the buyout deal was "secured".
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.