Elon Musk’s latest big idea is daring even by his standards: He wants to turn Tesla into a private company.
He stunned investors on Tuesday with a tweet saying he had already lined up the funding, and he told employees that it would relieve the electric car company of the “enormous pressure” of Wall Street’s expectations.
Someone doesn’t like anyone looking over his shoulder and holding him accountable to his commitments.
Given that Musk is treating his road vehicle business much like Enzo Ferrari treated his road vehicle business (as a cash source for his real interests), I’m surprised Tesla is still public.
WALL STREET “expectations”?
What a load of crappy-crap-crap….
People who slapped $25K deposits on his Model 3 have expectations, too. Like, for example, delivered cars. During this century. Which actually work like “cars”.
What “stuns” the current investors who are still waiting on their ROI is that Musk might have been able to line up other suckers to go private. That guy must be quite the charmer.
There’s an update – the SEC (no, not the collegiate athletic conference) has reportedly made inquiries to Tesla regarding the veracity and venue of Musk’s statements.
Given the Tweet provided an intra-day juice of $40/share to $381/share (it has since given back $11 of that, closing at just over $370 today), and there has been no further comment from Musk or Tesla after the initial Tweet on whether they actually have the financing it would take to buy back the shares at $420/share, it could easily be a case of criminal market manipulation.