Tesla buyout drama obscures progress on Musk's crucial model 3

What will Tesla's board of directors do about Elon Musk

What will Tesla's board of directors do about Elon Musk

At the beginning of this month, Elon Musk shocked Wall Street and investors by tweeting that he would take Tesla private at $420 a share, sparking speculation whether the funding for doing so is really "secured" as he said in his tweet, and who would step in to raise the funding.

Investors now must brace for another potential wild ride when USA trading opens Monday, while regulators and lawyers autopsy what happened to a deal potentially valued at US$82 billion and Tesla's board is left with a brilliant but exhausted and erratic chief executive officer.

In a blog post late Friday, Musk said most of Tesla's shareholders expressed the belief that the company was better off staying public.

Musk's tweet announcing that he planned to take the company private launched an SEC investigation into whether the effort was serious and whether the communication violated any securities laws. Could the SEC investigation have played a role?

Wall Street Journal tech and autos reporter Tim Higgins and ARK investments analyst Tasha Keeney on the future of Tesla. In an August 13 statement, Musk said that he left a July 31 meeting with the managing director of Saudi Arabia's sovereign wealth fund "with no question that a deal ... could be closed".

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While the span of working hours will remain same: eight hours - from 9am to 5pm instead previous timing: 8am-4pm. The ban has been imposed on the President, Chief Justice, Senate Chairman, and the National Assembly speaker.

The case is Wochos v Tesla Inc et al, U.S. District Court, Northern District of California, No. 17-05828. Banks had at most just a couple of weeks to assess the situation, after being brought in to advise only after Musk's initial tweet, said the people, who asked not to be identified as the details aren't public. "Public companies need more details about these things and you can't make them up".

In the end, Musk withdrew the plan to go private after advisers told him the new investments would come with conditions along with other considerations, the report says. It finally became clear, by Musk's own admission, that it was not.

Lawsuits against Mr Musk, co-founder and chief executive of Tesla, "could linger for a year", Gene Munster, managing partner at Loup Ventures, a venture capital firm, said.

Musk also indicated he was unaware how challenging the process would be and did not want to distract from the goal of ramping up production of the Model 3 sedan.

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