Also see Tesla Slashes Spending, and May Add to Its Troubles (NYT) and ‘He’s not unlike the president’: How Elon Musk shapes Tesla coverage (The Washington Post)
"The exchange underscores Musk’s determination to lead Tesla through the turmoil that accelerated after his Aug. 7 tweet suggesting he’d secured funding to take the firm private at $420 a share. Rather than soaring toward that value, the stock has since plummeted 20 percent -- dipping blow $300 in early trading Monday -- amid an unraveling of parts of Musk’s story unravel and mounting pressure on Tesla’s board for its handling of the iconic CEO. Nothing will get easier this week as he and Tesla’s board align with their separate sets of legal and financial advisers, all amid inquiries from U.S. securities regulators.Elon Musk Defends Punishing Pace as Tesla Saga Enters Third Week -- Bloomberg
On Sunday, the picture became a little more complicated. Saudi Arabia’s sovereign wealth fund -- the very investor that Musk described as a linchpin of his plan to take Tesla private -- was reported by Reuters to consider buying a stake in another U.S. electric-car company. The Saudis’ Public Investment Fund, which recently bought an almost 5 percent holding in Tesla, was reported to be in talks for a separate $1 billion investment in Lucid Motors Inc. that would give the fund control of that fledgling automaker."
Post a Comment