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Sunday, August 19, 2018

Elon Musk Was 'Not On Weed' When Tweeting About Taking Tesla Private


In public to private market transactions, a group of investors purchases most of the outstanding shares in the public company and makes it private by delisting it. ... If the deal is accepted by the shareholders, the company's buyer will pay a consenting group of shareholders the purchase price for each share they own.

Businesses usually go public to raise capital in hopes of expanding. So, once a company goes public after the IPO process, anyone can invest and own shares of a company.
Elon Musk has attempted to explain his controversial tweet about taking Tesla private, saying he was "not on weed" at the time. The electric carmaker's founder has been facing intense scrutiny about the 7 August tweet which said he wanted to take Tesla private at $420 a share.
He told the New York Times that the price of $420 seemed like "better karma" than $419.

"But I was not on weed, to be clear,"
he said. 4/20 is an infamous term, more common in the US, that refers to the consumption of cannabis. The price of $419 would have represented a 20% premium over Tesla's share price at the time.
His tweet sparked a sharp rally in Tesla's share price, but has also prompted scrutiny. The stock fell more than 6% to $313.79 on Friday after the interview was published. Despite the fall the company is still worth slightly more than General Motors at about $54bn.
That was the question on Wall Street this week after the Tesla chief startled investors with a tweet saying he had secured funding and was considering taking his electric car company private. The firm's shares spiked after his statements, which called for purchasing shares for $420 a piece - about 20% above their value at the time.
The paper reported that at times during the interview he stopped speaking, seemingly overcome by emotion - and that he spent the full 24 hours of his birthday on 28 June working. "All night - no friends, nothing,

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FACEBOOK COMMENTS

Oluwatoyin Obanla

He his a genius that does not like other people's decisions or opinions to determine his creativity. He wants to explore and there are billions of ideas in his fucking head( As they say it in America ) which could be hampered or slow down by some kind of board sitting somewhere. Good moves Elon
2

Endy Edeson

@Obanla, But it was wrong for him to tweet about taking his company private without informing his investors .
Edited1

Oluwatoyin Obanla

Genius are not normal human being like the rest of us. They behave erratic some times,and we OLODOs' that are normal should learn to deal with that
1

Endy Edeson

@Obanla: Hahahahaha. Yeah, they still justify their insanity. I have been following him for quite some time. I think he is very playful and funny even when he is serious.
1

Yemisi Frank

The guy talks too much. But I like his innovative ideas
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