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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 12:51 am 
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Musk wrote in an email to employees released by Tesla:

Earlier today, I announced that I’m considering taking Tesla private at a price of $420/share. I wanted to let you know my rationale for this, and why I think this is the best path forward.

First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. 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.

I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve.

This is especially true for a company like Tesla that has a long-term, forward-looking mission. SpaceX is a perfect example: it is far more operationally efficient, and that is largely due to the fact that it is privately held. This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.

Here’s what I envision being private would mean for all shareholders, including all of our employees.

First, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%). My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium.

Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time.

Third, the intention is not to merge SpaceX and Tesla. They would continue to have separate ownership and governance structures. However, the structure envisioned for Tesla is similar in many ways to the SpaceX structure: external shareholders and employee shareholders have an opportunity to sell or buy approximately every six months.

Finally, this has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed.

Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.

This proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. Either way, the future is very bright and we’ll keep fighting to achieve our mission.

Thanks, Elon


All he left out is where he's getting the money from

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 11:39 am 
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ps200306 wrote:
Shares were up 10% on the news. Maybe it's a clever way to flush out the shorts. Hard to believe he can actually raise the $82 bn needed.


He doesn't need anything close to $82bn. Most large shareholders (himself included) have likely indicated that they will hold. He probably only needs $10bn-15bn.

The shorts are toast. Once the stock goes private they cannot even hold their position so their losses get locked in. Assuming he does take it private the stock is never going below $350 on the public market again. All shorts are gonna have their positions called in fairly sharpish.

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 12:03 pm 
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Mantissa wrote:
ps200306 wrote:
Shares were up 10% on the news. Maybe it's a clever way to flush out the shorts. Hard to believe he can actually raise the $82 bn needed.


He doesn't need anything close to $82bn. Most large shareholders (himself included) have likely indicated that they will hold. He probably only needs $10bn-15bn.

The shorts are toast. Once the stock goes private they cannot even hold their position so their losses get locked in. Assuming he does take it private the stock is never going below $350 on the public market again. All shorts are gonna have their positions called in fairly sharpish.

only 10 to 15 billion, is that all?
Anyways there is no evidence for the funding so its a wait and see
It wouldn't be the first time he send out a baseless tweet.
Either way someone will loss their shirt

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 12:24 pm 
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It's some wild ride Tesla is on. As soon as I read that he was considering taking it private I thought it was to shore up the stock price. If this is a fraud he's going all in on it.

As HouseBuyer said is he legally allowed to announce that he's "thinking" about taking the company private?

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 1:38 pm 
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all this cock-a-hoopery over 19th century technology

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 1:45 pm 
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tulip wrote:
It's some wild ride Tesla is on. As soon as I read that he was considering taking it private I thought it was to shore up the stock price. If this is a fraud he's going all in on it.

As HouseBuyer said is he legally allowed to announce that he's "thinking" about taking the company private?


Apparently in previous official communications Tesla has said investors should keep an eye on Musk's twitter account which covers him if the info is legit.

Though if it was an off the cuff remark to make the shorts squirm he's potentially in a world of pain.

But one of the fascinating things about Musk is you wouldn't put it past him to tweet simply to hurt the shorters and then manage to pull off the deal to take it private. If as Mantissa says 10-15b is the figure he needs I guess it is not impossible that somebody will approach him to talk numbers.

For his sake they'd want to do it pretty quickly though!


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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 3:53 pm 
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I hope he's not planning to borrow money against his shares in SpaceX

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 5:35 pm 
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Mantissa wrote:
ps200306 wrote:
Shares were up 10% on the news. Maybe it's a clever way to flush out the shorts. Hard to believe he can actually raise the $82 bn needed.


He doesn't need anything close to $82bn. Most large shareholders (himself included) have likely indicated that they will hold. He probably only needs $10bn-15bn.

The shorts are toast. Once the stock goes private they cannot even hold their position so their losses get locked in. Assuming he does take it private the stock is never going below $350 on the public market again. All shorts are gonna have their positions called in fairly sharpish.


Has there ever been a take private where a large number of the shareholders stayed on?

I know what you're getting at but there are strict rules to protect minority shareholders


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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Wed Aug 08, 2018 7:23 pm 
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Watching yesterdays freak show reminded me of the antics of that other LA coke head fraudster, Barry Minkow.

https://en.wikipedia.org/wiki/Barry_Minkow

Back in the 1980s' his ZZZZ Best TV adverts were unavoidable on all the big TV stations in Southern California. Absolutely ubiquitous saturation media coverage. And when the company IPO'ed the media coverage went national. Then the scams blew up in a typically farcical way and the whole fraudulent company collapsed in pretty short order.



The other ubiquitous TV adverts on Southern California stations at the time were for the used car salesman Cal Worthington (and his dog Spot). Ran for decades and he became a local institution. Fondly remembered by Californians of a certain age. I would buy a car from a used car salesman like Cal Worthington long before I'd consider buying a car from someone like Musk..



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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Thu Aug 09, 2018 10:00 pm 
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Two trading days now passed since the tweet without comment from Tesla or Musk. I'd say he is toast if they maintain silence tomorrow.

This is a good example of how how financial rules and regulations only really work because by and large people obey them. When somebody throws the rulebook out the window and does whatever the f*ck they like, regulators don't really know how to act.

Tesla stock should have remained halted until this was cleared up. By allowing two days of trading under these circumstances it seems impossible to argue that there has not been some level of market manipulation.

Whatever way the cards fall for Musk, I suspect there are people close to him who have made an absolute fortune over the last 48 hours.

Edit to add - CNBC reporting now that apparently board are meeting next week to discuss. Not yet clear if this is an official comment from the board.


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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Sat Aug 11, 2018 11:37 am 
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Two lawsuits filed against Musk, claiming his privatisation tweet was a ruse to squeeze short sellers.

https://www.theguardian.com/technology/ ... ured-tweet

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Mon Aug 13, 2018 9:48 am 
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Tesla's Elon Musk faces investor lawsuit

https://www.bbc.co.uk/news/business-45155268

EDIT: ps200306 bet me to it

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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Mon Aug 13, 2018 10:49 pm 
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jmc wrote:
Watching yesterdays freak show reminded me of the antics of that other LA coke head fraudster, Barry Minkow.

Close.

Image


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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Tue Aug 14, 2018 1:34 am 
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HouseBuyer wrote:
jmc wrote:
Watching yesterdays freak show reminded me of the antics of that other LA coke head fraudster, Barry Minkow.

Close.

Image


But you missed the best bits..

http://gossiponthis.com/2018/08/13/azealia-banks-elon-musks-house-get-out-grimes-collab/

Quote:
“LOL, Elon Musk is better off hiring an escort. At least an escort would have kept her mouth shut about his business. He’s got some dirty-sneaker-inbred-out of the words Pabst beer p***y methhead-junkie running around town telling EVERYONE EVERYTHING ABOUT HIM. All because he needed a date to the Met Gala to hide his shrinking d**k from Amber Heard LOL.

“A f***ing rebound. A beta male who took steroids and got hair plugs to convince himself he was alpha. There’s no reason, that in this collab with Grimes, I know so much about ‘Elon Musk’ … Grimes is really an idiot.

“And Elon Musk is really a part of the problem. When you talk about white male privilege and colonialism… His family’s wealth is rooted in emerald and ore mines in southern African during apartheid.

“This trash a** beta male pig was given his start in life because his disgusting racist parents took advantage of thousands of black people…..

“Ask Elon Musk what the f*** he does for Africa? Nothing, he ignores it. These fake a** libertarian sh** bags.

“And hes ugly. The thin grey lips. The froggy eyelids. Un-uniformed hair growth pattern. Pork skin. He’s own the Down syndrome spectrum. FOR SURE

“There’s something not quite right about that man. I wouldn’t give the credit of calling him an alien. He’s a mutant. His humanoid group emerged/crawled out of the Caucasus cave system 15,000 years after the first Caucasian homo-sapiens did. He’s really a caveman.”


Now remember this is Azalia Banks talking. Which according to the word around town at the moment is one of the biggest nastiest clusterfucks in a town full of walking / talking nasty clusterfucks.

Its going to be one hell of a movie when its eventually made. The Elon Musk Story - from Pretoria to the Penitentiary - The Whole Sorry Tale.

PS.

For those not familiar with Ms Banks oeuvre this was her only good track. Her first.




The classic one hit wonder..


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 Post subject: Re: Tesla - Pimping Elon's Ride?
PostPosted: Tue Aug 14, 2018 8:48 am 
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she makes me want to root for musk!

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