Elon Musk and Tesla: Tweet, rattle and roll

Investor's Corner					Tesla board to formally review Elon Musk’s plan to go private TSLA reacts after hours

Investor's Corner Tesla board to formally review Elon Musk’s plan to go private TSLA reacts after hours

The second was that Tesla's stock price spiked almost 40 dollars a share, from $342 to $380, which led to trading being halted on the stock.

The development comes days after Musk tweeted that he was considering taking Tesla private at $420 per share.

In an email to employees that was later published on Tesla's website, Musk gave a few more details on the plan, leading with the fact that a final decision had not been made.

Tesla stock was up 2.32% in pre-market trading on Friday.

Investors also may have been spooked by reports that the SEC is looking into Tesla.

Mr Musk has said he would be looking to keep his ownership of Tesla at around 20 per cent in a buyout deal, and that a special goal vehicle, like the one that exists at his aerospace company SpaceX, would allow Tesla shareholders to remain invested if they so choose.

Tesla's board earlier on Wednesday said it was evaluating taking the company private, which would be the biggest leveraged buyout of all time.

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As to the question of whether Musk has indeed secured the funding, there is plenty of skepticism among the Tesla short-sellers to go around.

The chief executive officer raised the go-private possibility with the board last week, according to a statement from six of Tesla's nine directors.

FILE- In this June 14, 2018, file photo Tesla CEO and founder of the Boring Company Elon Musk speaks at a news conference.

Tesla and the SEC declined comment on Thursday. It is not clear if PIF is interested in financing Musk's proposed take-private deal. I mean, if you are an institutional investor with hundreds of millions invested in Tesla, who, other than Musk, could you trust to speak authoritatively on behalf of the company?

News of the potential buyout already has stung investors known as "short sellers" who have always been a thorn in Musk's side. People with or close to 15 financial institutions and technology firms who spoke on the condition of anonymity said they weren't aware of financing having been locked in before Musk's tweet.

One of the biggest questions surrounding the buyout is Tesla's long history of losing money while it has been investing in electric auto technology and ramping up production of its vehicles.

Musk has been under intense pressure this year to turn his money-losing, debt-laden company into a profitable higher-volume manufacturer, a prospect that has sent Tesla's valuation higher than that of GM. He said that Tesla had not received such a notice, and that he had no expectation of raising new equity. Tesla also would likely need to borrow billions more to help pay for its ambitious plans of its electric vehicle line and its battery manufacturing plants. This deal to take Tesla into a private could lead to a rave of fees for the Wall Street.

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