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Shockingly, TSLA will not be going private at $420. Elon is such a man of his word, I can't believe "Funding Secured" turned out to be a lie.
What a robust process Elon had. GS worked
... Read more
<p>Shockingly, TSLA will not be going private at $420. Elon is such a man of his word, I can't believe "Funding Secured" turned out to be a lie.</p>
<p> </p>
<p><span style="display: inline !important; float: none; background-color: transparent; color: #000000; font-family: Verdana,Arial,Helvetica,sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 18.2px; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">What a robust process Elon had. GS worked on the "deal" for almost a week. MS was retained for almost 48 hours! They tried so hard to make this "deal" work.</span></p>
<p> </p>
<p>I guess you can add this tweet to Elon's endless stream of lies.</p>
<p> </p>
<p> </p>
<p dir="ltr" style="line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img style="border: none; transform: rotate(0.00rad); -webkit-transform: rotate(0.00rad);" src="https://lh3.googleusercontent.com/9ifu2GyBJCTWctl91u11FGom3KojyJBWVCjLkOfo4Vh-0IrWeZQkDpF3m9YNZwHliKhPhPfJpSdq-rpcQ_wtptEUsco7Pfm6xmsiaOhgH2Dvn-Picz-GOMTzeamD0CbmU9XSY4HO" width="597" height="307" /></span></p>
<p dir="ltr" style="line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;"><a style="text-decoration: none;" href="https://twitter.com/elonmusk/status/1026914941004001280"><span style="font-size: 11.5pt; font-family: Arial; color: #005e99; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;">https://twitter.com/elonmusk/status/1026914941004001280</span></a></p>
<p> </p>
<p><span style="display: inline !important; float: none; background-color: transparent; color: #000000; font-family: Verdana,Arial,Helvetica,sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 18.2px; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; -webkit-text-stroke-width: 0px; white-space: normal; word-spacing: 0px;">Class act by Elon and team to reveal this information at 11pm EST on a Friday night. </span><u></u><span style="text-decoration: line-through;"></span></p>
<p> </p>
<p>I think we're getting ever closer to this Crazy Days & Nights prediction coming true:</p>
<p> </p>
<p><strong id="docs-internal-guid-bc110477-7fff-330b-8a4a-a284d1acd9db" style="font-weight: normal;"><span style="font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><img style="border: none; transform: rotate(0.00rad); -webkit-transform: rotate(0.00rad);" src="https://lh3.googleusercontent.com/dkdyqgywRyIGNhh1XtX1Otmolg8HHr3w23SngxfOXsSb94Wj17vWIjaipBjM4MLX95Ku9Blig4C6VopOHypo79jrbCT6CNBRoPOftW8VdvtPWf1K5aMwpH38pP7tEOfvFT80_7Rf" width="583" height="445" /></span></strong><u></u><span style="text-decoration: line-through;"></span></p>
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<div class="panel-pane pane-node-title" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none 0px; color: #333333; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;">
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<h2 class="page-title" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 30px; vertical-align: baseline; outline: none 0px; line-height: 36px; color: #000000; font-family: 'Gotham Light', 'M Hei PRC W45', 'M Hei HK W42', 'M Hei HK W40', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; font-weight: normal;">Staying Public</h2>
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<div class="panel-pane pane-node-content" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none 0px; color: #333333; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;">
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<article id="node-45704" class="node node-article blog clearfix" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none 0px; display: block;">
<div class="submitted" style="box-sizing: inherit; margin: 0px 0px 42px; padding: 0px; border: 0px; font-size: 13px; vertical-align: baseline; outline: none 0px; line-height: 18px; color: #666666;"><span class="author-info" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 13px; vertical-align: baseline; outline: none 0px; display: inline;">Elon Musk</span> <span style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 13px; vertical-align: baseline; outline: none 0px; display: inline;">August 24, 2018</span></div>
<div class="field field-name-body field-type-text-with-summary field-label-hidden" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none 0px;">
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<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Earlier this month, I announced that I was considering taking Tesla private. As part of the process, it was important to understand whether our current investors believed this would be a good strategic move and whether they would want to participate in a private Tesla.</p>
<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Our investors are extremely important to me. Almost all have stuck with us from the time we went public in 2010 when we had no cars in production and only a vision of what we wanted to be. They believe strongly in our mission to advance sustainable energy and care deeply about our success.</p>
<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">I worked with Silver Lake, Goldman Sachs and Morgan Stanley, who have world-class expertise in these matters, to consider the many factors that would come into play in taking Tesla private, and to process all the incoming interest that we received from investors to fund a go-private transaction. I also spent considerable time listening to current shareholders, large and small, to understand what they think would be in the best long-term interests of Tesla.</p>
<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Based on all the discussions that have taken place over the last couple of weeks and a thorough consideration of what is best for the company, a few things are clear to me:</p>
<ul class="factory-list" style="box-sizing: inherit; margin: -10px 0px 20px; padding: 0px 0px 0px 30px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none 0px; list-style: disc outside; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif;">
<li class="factory-list-item" style="box-sizing: inherit; margin: 0px 0px 10px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company. Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own shares if we were private. Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was “please don’t do this.”</li>
<li class="factory-list-item" style="box-sizing: inherit; margin: 0px 0px 10px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated. This is a problem because we absolutely must stay focused on ramping Model 3 and becoming profitable. We will not achieve our mission of advancing sustainable energy unless we are also financially sustainable.</li>
<li class="factory-list-item" style="box-sizing: inherit; margin: 0px 0px 10px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process.</li>
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<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.</p>
<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Moving forward, we will continue to focus on what matters most: building products that people love and that make a difference to the shared future of life on Earth. We’ve shown that we can make great sustainable energy products, and we now need to show that we can be sustainably profitable. With all the progress we’ve made on Model 3, we’re positioned to do this, and that’s what the team and I are going to be putting all of our efforts toward.</p>
<p style="box-sizing: inherit; margin: 22px 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; outline: none 0px; font-family: 'HeiS ASC Simplified Chinese', 'HeiS ASC Simplified Chinese_n5', 'HeiT ASC Traditional Chinese', HelveticaNeue-Regular, 'Helvetica Neue Regular', 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #666666; line-height: 20px;">Thank you to all of our investors, customers and employees for the support you’ve given our company. I’m incredibly excited to continue leading Tesla as a public company. It is a privilege.</p>
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