Musk bid for Tesla: no formal offer, no firm deals with advisers

Tesla's board is establishing a formal committee to explore the possibility of turning the publicly traded electric vehicle maker into a private company. The move comes after CEO Elon Musk triggered feverish speculation on Wall Street last week with

NATION-NOW Tesla board committee to weigh Elon Musk's plan to go private Tesla board to weigh Elon Musk's go-private plan

Earlier this month, Musk tweeted his plan to send Greenlight Capital hedge funder (and Tesla short-seller) David Einhorn a box of shorts as a consolation price for Tesla's rising stock.

Elon Musk is moving forward with his plan to take Tesla private.

Things aren't all rainbows and kittens at Tesla as the board forms a special committee to act on any potential proposal to go private from CEO Musk.

Elon Musk Tech pioneer
Elon Musk Tech pioneer

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"Despite Elon Musk's frustration with being a public company, I think there are more advantages to remaining public", said CFRA analyst Efraim Levy, citing cheaper access to capital and media exposure due to interest in a public company.

Embattled electric vehicle manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freakish and potentially unfounded tweets sent last week by CEO Elon Musk. Musk further claimed that he had the "funding secured" to take the company private, an act that would cost up to $70 billion. Continuing, it said there is no guarantee it would accept a proposal from Musk.

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Goldman Sachs declined to comment.

"I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base", Musk wrote. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia's Public Investment Fund.

Tesla's board said on August 8 that Musk had held talks with the directors in the previous week on taking the company private. On Monday Tesla was hit with a third lawsuit, which alleged that Musk's tweet was meant to manipulate the price of the company's stock.

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The offer raises fresh question about the ways that White House aides are being offered safe landing spots after they leave. The re-emerged in recent days, amid the release of her tell-all book, " Unhinged: An Insider's Account of the White House".

The special committee is composed of independent directors Brad Buss, Robyn Denholm and Linda Johnson Rice.

Shares of Tesla Inc. jumped 11 percent in a day, raising the value of the company by $6 billion.

Denholm, the first woman on Tesla's board, is chief operations officer of telecom firm Telstra and the ex-CFO of network gear maker Juniper Networks (JNPR.N).

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Buss served as chief financial officer of solar panel installer SolarCity for two years before retiring in 2016. The company has separately retained Wilson Sonsini Goodrich & Rosati for legal counsel.

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