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Musk Dribbles Out More Details About Taking Tesla Private
Tesla Inc. CEO Elon Musk says he has lined up his own legal and financial advisers to help him with his plan to take the company private.
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Tesla Inc. CEO Elon Musk says he has lined up his own legal and financial advisers to help him with his plan to take the company private.
The Monday afternoon tweet continues an unconventional process of explaining and modifying the plan a bit at a time.
Musk revealed the privatization plan in a short tweet on Aug. 7, declaring that the necessary funding had been secured. Yesterday morning he backpedaled, saying that he was “considering” such a move but adding that Saudi Arabia’s sovereign wealth fund has indicated strong support for the plan.
Several hours later, Musk tweeted that he is working with two legal advisors and two financial counselors. The legal team consists of Los Angeles-based Munger, Tolles & Olson and New York City-based Wachtell, Lipton, Rosen & Katz. The financial advisors are investment bank Goldman Sachs Inc. and buyout advisors Silver Lake Management LLC. None of the firms has commented.
Two sources tells The New York Times that Musk’s initial tweet about delisting the company had not been preapproved by Tesla’s board. Reuters cite other sources who say Silver Lake hasn’t been hired as a paid advisor and so far has not discussed investing in the scheme.
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