Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable. He also said he intends to give Tesla's existing shareholders the option of retaining a stake in the company through a special fund, if they want.
Tesla's CEO also laid out what he envisions as the ideal path for going private.
He said funding had been secured and that he would stay on as chief executive if the company went private. He later tweeted that the only uncertainty about completing the deal is whether he can gain shareholder approval.
Musk's tweet came nearly simultaneously with a new report from the Financial Times that revealed for the first time that Saudi Arabia's Public Investment Fund has been quietly buying up about five per cent of the electric vehicle company over the last few months to the tune of $US2 billion ($2.7 billion). Employees would remain shareholders, and Tesla would be independent of Musk's other company, Space X, though the structures would be similar.
Whether Musk's tweet was ethically proper or not, all of the experts interviewed by FOX Business agree the move was unprofessional at best.
The firm's shares climbed more than 6% after the tweet, but the Nasdaq later halted trading pending an announcement.
Did Elon Musk violate any securities regulations, particularly Reg FD [Fair Disclosure], which according to the Securities and Exchange Commission, prohibits selective disclosure of material information? "This is not how you do it and it makes you wonder how seriously to take it", said Erik Gordon, a business and law professor at the University of MI.
MoviePass to limit customers to three movies per month
MoviePass is abandoning those wildly unpopular changes in favor of limiting the number of movies you can see per month. For the last many weeks, MoviePass customers have been annoyed by the many changes to the service, to say the least.
Musk, who has previously discussed possibly taking Tesla private, has had bumpy relations with Wall Street, often dismissing questions over financing.
A short squeeze is a trading scenario that occurs from time to time in heavily shorted stocks, when bearish traders are forced to buy shares to avoid big losses - something that ends up pushing the stock higher. Musk has vowed that the company will start turning a regular profit in the second half of this year.
The SEC has brought charges in the past in at least one case in which a man was accused of manipulating stock prices with false tweets and taking advantage of the reduced prices.
Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. Tesla lost another $717.5 million in its most recent quarter. The stock rallied 11% on the day, burning short sellers, who Musk has publicly blasted, to the tune of $1.32 billion per S3 Partners and sending many investors scrambling.
Tesla has been public since it filed an IPO in 2010.
Only Toyota and Volkswagen would be worth substantially more than Tesla, which is now the world's fifth biggest automaker by market capitalization. "As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla". Regulators temporarily halted trading as pending news from the company swirled.
Authorizations will also be revoked for the import of Iranian-origin carpets and foodstuff and the export of commercial aircraft. He said Iran had "always welcomed negotiations" but that Washington would first have to demonstrate it can be trusted.
Liverpool completed their preparations for the new Premier League campaign with a 3-1 win over Torino at Anfield this evening. It was Sturridge who rounded off the scoring, steering in a header from Shaqiri's neat chipped cross late in the match.
He has also told jurors that he and Manafort knew they were committing crimes for years as part of the offshore payment structure. Manafort's direction", and that Manafort "directed" him to categorize some income as loans in order to reduce his taxable income.
It was directed by Brad Furman ( The Infiltrator ) from a script by Christian Contreras , based on the book by Randall Sullivan. Last month, location manager Greg "Rocky" Brooks filed suit against Depp for allegedly hurling obscenities at and punching him.
Traffic cameras caught the tanker truck carrying flammable materials as it hit the truck in front of it, and caught fire. Italian media has reported that numerous injured were hit by debris and shattered glass following the explosion.
Staff at a nail salon in East Flatbush, Brooklyn , mercilessly beat up a woman after she refused to pay for a spoilt eyebrow job. Officers had gone to the salon to arrest a second employee, but that worker was not there at the time.
Mahathir swiftly reopened an investigation into 1MDB and barred Najib and his wife, Rosmah Mansor from leaving the country. USA investigators said Low, known widely as Jho Low , bought the yacht with proceeds diverted from 1MDB.
Effective Aug. 27, Ontario's government will lower the minimum price floor to $1 for any beer with an alcohol volume below 5.6%. The minimum retail price for beer was $1 in Ontario between 2005 and 2008, before the government banned it in 2008.
Fifth-seeded Mihaela Buzarnescu of Romania secured the first semifinal spot by beating Australia's Ajla Tomljanovic 6-1, 7-5. After dropping her serve in the opening game of the second, Mertens won four games in a row and would not trail again.
Seiyefa is acting DG DSS ― Presidency
Daura has been directed to hand over to the most senior officer of the State Security Service until further notice. Yemi Osinbajo , at the Presidential Villa, Abuja.
Reward for missing Iowa student hits $260,000
Winker also wouldn't confirm reports that a red shirt has been recovered, the same color as the one Tibbetts wore to work. Farmer Wayne Cheney was questioned by Federal Bureau of Investigation agents, who asked to search his property.
SpaceX relaunches the final Falcon 9 rocket design
But Telkom 1's failure previous year forced the operator to re-route communications traffic through other satellites. SpaceX had used Falcon 9 in May to send up a large communications satellite for Bangladesh from Florida.
Fortnite 'exclusive' on the Galaxy Note 9 is a joke
The offer is valid for a new line activation and only if you finance your brand-new device for a period of 24 months. The devices with those code-names are the many variants of the Samsung Galaxy Tab S4.