Wednesday, 17 October, 2018

Tesla shares dip 3 percent after Musk abandons buyout

Chief Executive Elon Musk pauses during a news conference in Tokyo Chief Executive Elon Musk pauses during a news conference in Tokyo
Lloyd Bates | 28 August, 2018, 18:12

Founder and CEO of Tesla Motors Elon Musk speaks during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker, in Sparks, Nevada, U.S. July 26, 2016.

Electric vehicle innovator Tesla will remain a public company, CEO Elon Musk announced late Friday in a blog post titled "Staying Public" published on Tesla's website.

Musk, Tesla's billionaire CEO, said Friday in a blog post that most shareholders wanted Tesla to remain public.

Analysts have suggested a capital raise may be required soon to boost investor confidence but investment bankers who are not working for the company said over the weekend it would also contradict Musk's promise that Tesla is adequately funded.

First it was the shocking tweet that funding was secured and Tesla may go private. "W$3 ith every blog post and with every statement since his initial tweets we have seen admissions from Mr. Musk that basically there was no reasonable basis to believe his tweets were true".

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While the Saudis were open to making a significant investment in the effort as a way to help the kingdom hedge against oil and attract technology expertise to the region, the fund mainly was interested in a minority stake to limit its exposure to a single deal and save resources for other projects, the people said. In addition to its interest in Tesla, the Saudi sovereign wealth fund is considering an investment in aspiring USA electric-car maker, Lucid Motors Inc., one of the people said. After the initial tweet, shares of Tesla soared. Well, if you recall, the company's CEO Elon Musk has been stirring the Tesla pot lately.

But shareholders said Musk knew Tesla was "woefully unprepared" to meet its production goal of 5,000 Model 3s per week, and that Tesla's share price was inflated until after the company finally cut its production target last November. It finally became clear, by Musk's own admission, that it was not.

"Eventually this will blow over, but it's going to take at least six months", analyst Gene Munster of Loup Ventures said by phone Saturday. Coffee noted that the SEC may feel as though these disclosures were deficient.

Musk also said the company "absolutely must stay focused on ramping Model 3 and becoming profitable".

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