Musk says Silver Lake, Goldman advising on taking Tesla private

Musk tweets he's working with Goldman Sachs Silver Lake & others to take Tesla private

Musk tweets he's working with Goldman Sachs Silver Lake & others to take Tesla private

The three-person team, however, states that it "has not yet received a formal proposal from Mr. Musk regarding any Going Private Transaction nor has it reached any conclusion as to the advisability or feasibility of such a transaction". He later tweeted he was working with buyout firm Silver Lake and investment bank Goldman Sachs Group Inc as financial advisers on his plan. But Musk said he was also talking to other investors because he wanted to "continue to have a broad investor base".

A source familiar with the matter said Silver Lake was offering its assistance to Musk in his exploration of a deal without compensation, and had not been hired as a financial adviser in an official capacity.

Goldman declined to comment on Tuesday.

Musk also posted in a blog post on Monday his most detailed vision yet into how a Tesla take-private deal could work, but shares in the vehicle maker ended flat, indicating investor skepticism over its feasibility.

If and when Musk presents a plan to take Tesla private, the special committee has the authority to negotiate the transaction and ultimately to approve it, the company said. That earlier tweet has triggered investor lawsuits as well as an investigation by the U.S. Securities and Exchange Commission into the accuracy of his statement. But Tesla's announcement appears to contradict Musk's August 7 tweet in which he said the "only reason why" the deal is not certain "is that it's contingent on a shareholder vote".

Iran says U.S. must return to nuclear deal before meeting with Trump
Whenever the USA has managed to change Iranian policies, it has been as a result of offering valuable incentives and concessions. Britain, along with China, Germany, France, Russia and the European Union, are negotiating with Iran on preserving the deal.

Musk first tweeted he planned to go private and that funding was "secured" last week, sending Tesla shares soaring 11 percent, but investors have appeared sceptical about the details he has provided since.

"My best estimate right now is that approximately two-thirds of shares owned by all current investors would roll over into a private Tesla", he said. He said he left that meeting with "no question" that the Saudi fund could back the deal and that the next step would be to initiate the process to take Tesla private.

"Despite Elon Musk's frustration with being a public company, I think there are more advantages to remaining public", said CFRA analyst Efraim Levy, citing cheaper access to capital and media exposure due to interest in a public company.

Buss served as chief financial officer of solar panel installer SolarCity for two years before retiring in 2016.

Rice, the first African-American and second woman to join the company's board, is the chairman of Johnson Publishing Co, home to Ebony and Jet magazines. It has enlisted three members of the board to vet any proposal that gets submitted by Musk and determine whether or not it's worth bringing to the rest of the board. The committee has retained the services of a law firm, while Tesla has engaged a separate law firm to act as counsel.

Recommended News

  • Naby Keita, Benjamin Mendy, Willian, Eric Dier

    Naby Keita, Benjamin Mendy, Willian, Eric Dier

    MOHAMED SALAH set about proving he is no one-season wonder with Liverpool's first goal as they cruised past West Ham . Replays showed that Mane was offside when he received the ball, but the goal stood. "He has a lot of qualities".

    Oscars add popular film category, sets earlier air date

    We are committed to producing an entertaining show in three hours, delivering a more accessible Oscars for our viewers worldwide . Last year's telecast hit an all-time low in ratings with just 26.5 million viewers, a drop of 20% from the previous year.
    Manafort trial: Star witness testifies against ex-Trump aide

    Manafort trial: Star witness testifies against ex-Trump aide

    Gates testified that he and Manafort had 15 foreign accounts they did not report to the US government, and knew that was illegal. Some of the maneuvers were at the request of Gates, while others implicated Manafort, Laporta testified.
  • Charles Harder on Case for Trump's Omarosa Lawsuit

    Charles Harder on Case for Trump's Omarosa Lawsuit

    On Monday, Manigault Newman released another recording in which Trump appeared to express surprise that she had been fired. He said Manigault Newman had called him "a true Champion of Civil Rights" - until she was sacked.
    Chelsea Plot Barca Goalkeeper As Courtois Replacement

    Chelsea Plot Barca Goalkeeper As Courtois Replacement

    He spoke of his disinterest in the transfer market and said he would be content to coach the players already at his disposal. The 2018 world Cup in the Belgian Eden hazard has played five matches in which he scored two goals and made two assists.

    Mourinho hopeful Manchester United will sign one more player

    The Sun cites one case of an unnamed player in a panic asking the TV channel he gave an interview to erase an answer he gave them. United have been linked with defenders Toby Alderweireld, Harry Maguire and Yerry Mina as well as Chelsea star Willian.
  • New Plan to Rescue Turkey's Deteriorating Economy

    New Plan to Rescue Turkey's Deteriorating Economy

    The president also renewed a call for Turks to convert any U.S. dollars into the Turkish lira to help strengthen the currency. For now, the impact appears minimal, but there are indications and worries that instability in Turkey may just be beginning.
    Manchester United's Anthony Martial returning to training after risking £180,000 fine

    Manchester United's Anthony Martial returning to training after risking £180,000 fine

    Lukaku is scoring more goals and coming off his experience over the summer, he'll feel that he's a big part of Manchester United . Manchester United forward Anthony Martial has broken silence after being slapped a hefty fine for going "AWOL".
    Republicans won't budge on Kavanaugh documents amid Dem accusations of hiding records

    Republicans won't budge on Kavanaugh documents amid Dem accusations of hiding records

    There are two separate reviews of documents happening simultaneously: One by the Bush team and another by the National Archives. Hatch said he's "sick and tired" of the partisanship and that Kavanaugh would ultimately be confirmed.
  • Former White House Adviser Says She Taped Inside Secret Situation Room

    Manigault-Newman also taped Trump sounding surprised on the phone after being informed of her firing at Kelly's behest. She originally meant to get married in Jacksonville in March 2017, but changed her plans after facing death threats .
    LeBron James puts in first workout in Lakers’ new facility

    LeBron James puts in first workout in Lakers’ new facility

    BBC North America reporter Anthony Zurcher suggests the first lady's statement contains veiled criticism of her husband's tweet. And just as she always has, the first lady encourages everyone to have an open dialogue about issues facing children today".
    China Plans Tariffs on $60 Billion of U.S. Goods

    China Plans Tariffs on $60 Billion of U.S. Goods

    China immediately expanded its own list of types of US products to be tariffed, including farm products, cars and crude oil. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.