The bizarre story began August 7 when Elon Musk tweeted he was considering taking the company private and that funding had been secured for the deal.
Elon Musk met with Tesla’s board of directors on Thursday “and let them know that I believe the better path is for Tesla to remain public.
Morgan Stanley is advising Elon Musk, not Tesla, its board or a special board committee formed to evaluate a potential take-private proposal, the source said.
Now, as Tesla struggles with its cash balances, extremely negative press, and Elon Musk’s erratic tweets, it is at another crossroad and, in order to reach its potential, needs a strategic partner. It may not make sense for it to continue as a public company.
In an interview with the New York Times, a tearful Musk admitted to being sleep deprived and under enormous stress, adding that that no one had seen or reviewed the tweet before he posted it while driving himself to the airport.
“It’s kind of bizarre,” said Charles Elson, director of the corporate governance centre at the University of Delaware. “It’s a drama we shouldn’t be watching.”
Tesla CEO Elon Musk said he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.
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.
In a surprise move, Elon Musk last Tuesday announced to take his electric car maker company Tesla private in a potential $72 billion transaction.
Elon Musk, Tesla sued by investors over ‘nuclear attack’ of ‘fraud’ tweets on going-private proposal
The lawsuits claim Elon Musk’s and Tesla’s conduct over the proposal to take the electric car private artificially inflated Tesla’s stock price and violated federal securities laws.
Reuters | ByHT Correspondent
To take Tesla private, Musk would have to pull off the largest leveraged buyout in history, surpassing Texas electric utility TXU’s in 2007.
Musk, who owns approximately 20% of Tesla at the moment, said he aims to structure the company in such a way so that all shareholders have a choice.
Indo Asian News Service, San Francisco | ByIndo Asian News Service
Tesla last week reported better margins on the Model 3 in the second quarter, as well as a lower cash-burn rate.
The US has admitted that its drones attack targets whose identities are unknown. That’s where AI comes in. The US doesn’t have deep human intelligence sources in Yemen, so it relies heavily on massive sweeps of signals data. AI processes this data – and throws up red flags in a targeting algorithm.
Tesla CEO Elon Musk issued the apology on Wednesday to Vernon Unsworth, who worked on the rescue of the “Wild Boars” football team and had ridiculed Musk’s plan to recover the trapped group using a miniature submarine.
Agence France-Presse, Washington | ByAgence France-Presse
A number of analysts and investors said Elon Musk’s comments are adding to their concerns that his public statements are distracting him from Tesla’s main business of producing electric cars.
Elon Musk attacked Vernon Unsworth on Twitter after the cave explorer dismissed his rescue plan as a “PR stunt”.
Anaesthetist Richard Harris and his diving partner Craig Challen became a part of the rescue operation after negotiations between Australian and Thai authorities accorded them diplomatic immunity to protect them from possible prosecution if anything went awry during the rescue.
Agence France-Presse, Sydney | ByHT Correspondent
Tesla’s new attendance policy rolled out on July 1 comes weeks after the electric vehicle maker announced plans to reduce its salaried workforce by at least nine per cent, or about 4,000 workers
The gruelling 18-day ordeal that claimed the life of an experienced diver and riveted people worldwide finally ended on Tuesday, with the 12 boys and their soccer coach being rescued from the flooded cave in Thailand.
Associated Press | ByHT Correspondent
Elon Musk’s Tesla has been working on setting up a production facility in China for more than a year.
Bloomberg News | ByHT Correspondent
There is no indication so far that Thai rescuers plan to use Elon Musk’s prototype.
After pitching ideas of installing a giant air tube inside the cave complex and using his firm’s penetrating radar to dig holes to reach the boys, American tech entrepreneur Elon Musk’s latest concept is the pod.
Thailand has been fixated on the crisis, hoping desperately for the safe return of the boys, aged from 11 to 16, and their 25-year-old coach, since they became trapped in the Tham Luang cave complex on June 23 because of rising waters.
Elon Musk said he was sending teams from his private space exploration firm SpaceX and the engineering firm Boring Co. which is developing tunneling systems for transportation projects.
The worker, who had been denied a promotion, did “quite extensive and damaging sabotage” to Tesla’s operations, Musk wrote in a memo sent to employees late Sunday.
In an email he said had been sent to staff, billionaire chief executive Elon Musk said on Tuesday that the cuts were part of a simplification of Tesla’s management structure promised last month.
The problems won’t solve themselves; policy makers and academics don’t understand enough to take the lead. The creators of the technologies must lead the discussions on ethics, regulations, and controls.
Nobel laureate Malala Yousafzai and Tesla boss Elon Musk’s “other-worldly” brief exchange on Twitter kept the micro-blogging site abuzz with reactions on Friday.