Tesla's shorters play the long game against Musk

Investor's Corner					Tesla board to formally review Elon Musk’s plan to go private TSLA reacts after hours

FILE- In this June 14, 2018, file photo Tesla CEO and founder of the Boring Company Elon Musk speaks at a news conference.

Musk, in tweeting Tuesday that he may take Tesla Inc. private, said he hoped "all" investors would remain shareholders after the buyout rather than follow the conventional approach of cashing out. The company's largest shareholders have declined to comment.

Musk had first raised the go-private possibility with the board last week, according to a statement from six of Tesla's nine directors. "That's obviously an incredibly large valuation to somehow take into the private market".

Drugstore chain Rite Aid dived 11.8 per cent after announcing it had called off a merger with Albertsons. The company did not disclose in its filings the details of those requests or its responses.

Now, attorneys from that office are also examining whether Musk's tweet about having funding secured to buy out the company was meant to be factual, according to one of the people.

The revelation that the board is seeking more details from Mr Musk could raise new questions about how he plans to finance the deal at his proposed price of US$420 per share.

Is the US-Turkey crisis beyond fix ? | USA
Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote. Coupled with an inflation rate of almost 16 percent, that could cause a lot of damage to the local economy .

He said that would allow Tesla to "operate at its best, free from as much distraction and short-term thinking as possible". Musk previously said that the company would hit that number by the end of 2017 and that sustaining such a production rate is critical for Tesla to become profitable. For the record, Tesla has not been accused of any wrongdoing.

It's also possible Musk has some unconventional plan that would take Tesla private without using traditional sources.

Elon's proposal comes right after Tesla's Q2 earnings report, where within this short period the company lost over $700 million, and he claims that taking the company would help get rid of some of those severe loses. The entrepreneur owns about 20% of Tesla, meaning there is a potential conflict of interest should he head talks to take the automaker private. Tesla's other board members are Musk, his brother Kimbal Musk and venture capitalist Steve Jurvetson. I always think of Westinghouse's efforts to transform itself from a heavy industrial to a media company in the 1990s, but that is just anecdotal. "It doesn't make sense to me".

The Securities and Exchange Commission is "intensifying" its inquiry into Tesla, Bloomberg reported.

Majority shareholder approval would be required for the plan to happen. At the same time, Musk's behavior could easily be framed as illicit stock market manipulation. But in his Tuesday letter to employees, Musk signaled that he has a different vision for Tesla.

"He may be okay if the world knows his profit and loss, as long as he doesn't have to deal with the short-sellers and the wild fluctuations in his stock", said Jurasic.

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