Mexican Media Brands
Musk Hires Morgan Stanley to Help Take Tesla Private
Tesla Inc. CEO Elon Musk has hired investment banker Morgan Stanley to help him pursue a plan to privatize the company, a source tells Bloomberg News.
#economics
Share
Tesla Inc. CEO Elon Musk has hired investment banker Morgan Stanley to help him pursue a plan to privatize the company, a source tells Bloomberg News.
Musk previously hired Goldman Sachs Group for the same purpose. Morgan Stanley suspended coverage of Tesla on Tuesday, but it didn’t say why.
It has been unclear whether the firm was preparing to represent the company, Tesla’s board, the special board committee set up to evaluate delisting or Musk personally. Musk owns about 20% of Tesla, making him the company’s largest shareholder.
Tesla’s board still has not received a formal proposal from Musk for privatization. He tweeted his interest on Aug. 7 about taking the company private and asserted that the funding was assured to do so at $420 per share. Tesla closed today at $320, down 0.5%.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.