Tesla's board forms special committee to vet any proposal to go private

Posted August 15, 2018

The chief executive of the electric vehicle company said earlier on Monday that the manager of Saudi Arabia's sovereign wealth fund had voiced support for the company going private several times, including as recently as two weeks ago, but also said that talks continue with the fund and other investors.

The board had confirmed earlier this month that it had "met several times over the last week" to discuss going private.

What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA, noted the paper.

By going private, Tesla could operate without requirements for financial reports and other pressures of a publicly traded firm. Tesla is the most shorted stock in the U.S. Musk has not hidden his contempt of short sellers in the past. "Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction", Efe quoted him as saying.

Man Who Took Plane Was ‘Warm’ And ‘Compassionate’, Family Says
Officials at the Sea-Tac Airport say an airline employee conducted an unauthorized takeoff in Washington state and has crashed. She said a review of Friday's incident indicated that "all security protocols were handled here appropriately at the airport".

Meanwhile, Musk faces scrutiny of his tweet on secured funding.

Musk on Monday estimated two-thirds of existing Tesla shareholders would roll over their holdings into a private company, but said that he was still talking with major shareholders and advisers before settling on a structure for the deal.

"No assurances can be given regarding the likelihood, terms and details of any proposal or potential Going Private Transaction, that any proposal made by Mr. Musk regarding a potential Going Private Transaction will be accepted by the special committee", it writes. Tesla's handling of Musk's proposal and its failure to promptly file a formal disclosure, meanwhile, have raised governance concerns and sparked questions about how companies use social media.

Tesla said the committee consists only of independent directors: Brad Buss, Robyn Denholm and Linda Johnson Rice.

Liverpool have improved but need to be more clinical, Klopp says
Football fans are busy finalising their Fantasy Football sides, placing bets and making their predictions. It's like you jump into the water, you dive in and we go for it until we don't have air or oxygen anymore.

Tesla declined to comment further on the matter.

Shares of Tesla Inc. jumped 11 percent in a day, raising the value of the company by $6 billion. Tesla bought SolarCity that year.

Musk has yet to persuade Wall Street analysts and investors that he can find the billions needed to complete the deal, or even such a deal is a good idea for a loss-making company. Buss is the former CFO of Solar City before Tesla's somewhat controversial buyout of the company, Denholm is the first female member of Tesla's board of directors, and Rice is the second.

One director, Steve Jurvetson, is now on leave of absence following allegations of sexual harassment.

California governor asks Trump to aid with fires
The report says the death of the 10-year veteran highlights the need for better risk assessment, communication and supervision. The Mendocino Complex has destroyed at least 55 homes, 47 other structures and threatens 12,300 buildings, Cal Fire reports.

Embattled electric auto manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freaky and potentially unfounded tweets sent last week by CEO Elon Musk. Wilson Sonsini Goodrich and Rosati will be legal counsel for Tesla itself.