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Elon Musk had been talking with Saudi Arabia for two years about going private with Tesla

•, brian wang

Update on Taking Tesla Private
Elon Musk August 13, 2018

As I announced last Tuesday, I'm considering taking Tesla private because I believe it could be good for our shareholders, enable Tesla to operate at its best, and advance our mission of accelerating the transition to sustainable energy. As I continue to consider this, I want to answer some of the questions that have been asked since last Tuesday.

What has happened so far?
On August 2nd, I notified the Tesla board that, in my personal capacity, I wanted to take Tesla private at $420 per share. This was a 20% premium over the ~$350 then current share price (which already reflected a ~16% increase in the price since just prior to announcing Q2 earnings on August 1st). My proposal was based on using a structure where any existing shareholder who wished to remain as a shareholder in a private Tesla could do so, with the $420 per share buyout used only for shareholders that preferred that option.

2 Comments in Response to

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Comment by M Macmaster
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Elon Musk has been talking with Saudi Arabia for two years? What the heck?!!! This is another huge screaming and blatantly obvious reason why the government should not be doling out taxpayers money in subsidies to any and all private business enterprises.

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