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Tesla’s Board Steps Back from Musk’s Delisting Plan
Tesla Inc.’s board has formed a special committee to study CEO Elon Musk’s “consideration” of a plan to take the electric car company private.
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Tesla Inc.’s board has formed a special committee to study CEO Elon Musk’s “consideration” of a plan to take the electric car company private.
The move marks a sharp retreat from Musk’s declaration on Aug. 7 that the necessary funding to privatize the company was already “secured.”
The committee says it has not received a formal privatization proposal from Musk, who owns 20% of the company. The panel cautions that it has reached no conclusion about the advisability or feasibility of Musk’s proposal. It further emphasizes that no assurances can be given that such a proposal would be accepted or completed.
The special panel comprises three independent directors: Brad Buss, Robyn Denholm and Linda Rice. The group says it has retained its own legal counsel and intends to add an independent financial advisor.
The committee’s advisors are in addition to separate legal counsel retained by the company specifically for the privatization option, and by the two legal firms and two financial advisors Musk has retained for himself.
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