"T$3 he reason for doing this is all about creating the environment for Tesla to operate best", the email reads.
However, it certainly looks like his messages on social media have had direct consequences on Elon Musk's personal fortune, and on his company's stock price: Tesla shares started Tuesday trading at about $340 and went as high as $387. "Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company".
Several securities attorneys told Reuters that Musk could face investor lawsuits if it was proven he did not have secure financing at the time of his tweet.
Shares skyrocketed the day before, after CEO Elon Musk tweeted he was considering taking the company private and had "funding secured".
The US Securities and Exchange Commission has made inquiries into Tesla in the wake of Musk's tweets, The Wall Street Journal reports.
FILE PHOTO: Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017.
Canadian dollar falls after Saudi Arabia reportedly sells off assets
The selloff began on Tuesday, the Financial Times reported , and involved about $100 billion in Saudi funds. All Saudi Arabian students now studying in Canada will be transferred to other countries.
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According to CBS News , there are now at least 18 major wildfires throughout the state of California that have killed nine people. Today, though, the president issued a tweet that demonstrated shocking ignorance about California's fires.
Tesla's shares were down less than one per cent at $376.31 United States in morning trading on Wednesday after closing up 11 per cent at $379.57 U.S. on Tuesday.
Musk has promised a sustained net profit starting in the third quarter. Saudi Arabia's Public Investment Fund, a major backer of the Vision Fund, has built a $2 billion stake in Tesla already.
Company share prices, particularly in deals as giant as this one, are nearly always decided by corporate executives, board members or consultants who review market data and optimize for maximum value.
The whole thing isn't yet set in stone because it must be put to a shareholder vote. "If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us". "This is out there, even for Tesla", analysts with Barclays wrote Wednesday. The move is estimated to require north of $50 billion to buy out the public shareholders.
Two of the potential stumbling blocks to Musk's plan include the stock price premium not being enough to get the existing shareholders on board to support the sale and coming up short on the announced funding to complete the transition.
But the board offered no further details of the proposal or its funding, sparking new questions about the feasibility of the master gambit Musk revealed in a surprise series of midday tweets on Tuesday. But after the markets opened Wednesday morning, Tesla's stock edged downward about 1 percent, to $375.