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
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.