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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.
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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%.
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