Shares rose 11 percent Tuesday but fell almost 2 percent at midday Wednesday to $372.38. The surprise announcement was sandwiched between other provocative tweets and, among other things, promptly caused a temporary halt in the trading of Tesla shares on Wall Street while also causing some to doubt if Musk was being serious. 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.
Elon Musk disrupted multiple industries on Tuesday when the Tesla CEO [NYSE: TSLA] took to Twitter to float the idea of taking the Silicon Valley automaker private.
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Elon Musk and Masayoshi Son held talks previous year about SoftBank Group Corp. investing in Tesla Inc., including potentially taking the electric carmaker private, according to two people with knowledge of the discussions.
In the last week, Tesla's board has met "several times" to discuss Musk's proposal and "is taking the appropriate next steps to evaluate this". The company declined to comment beyond pointing to an all-employee email sent Tuesday by Musk. "That sense of the market, investors-so critical for a company like Ford".
The move to take the company public would remove Musk, who himself has a 20 percent stake, from the public arena - and contentious criticism.
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It's killed seven people , including two firefighters who were helping residents evacuate from the affected area. Evan Westrup, Brown's press secretary, said Trump's tweeting "does not merit a response".
Former SEC chair Harvey Pitt told CNBC that while the USA stock market regulator permits executives of publicly listed companies to use social media to make statements about their businesses, Musk's tweet was still "highly unprecedented".
Two of the potential stumbling blocks to Musk's plan include the stock price premium not being enough to get the existing shareholders on board to support the sale and coming up short on the announced funding to complete the transition. Tesla spokesmen didn't immediately respond to requests for comment on Wednesday.
The company has only posted a quarterly profit twice in its history and has never made money during an entire calendar year, something that Musk has been trying to change by cutting costs, including recent mass layoffs that trimmed Tesla's workforce by 9 percent. In his first tweet he said funding was secured but provided no details.
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"I suspect the corporate lawyers are scrambling right now and hoping the SEC doesn't go after him and the company, because it could be viewed as a statement from Tesla", Peter Henning, a professor at Wayne State University Law School specializing in securities law, explained to the Detroit Free Press regarding Musk's tweet on Tuesday. The company already has a $2 billion investment from Saudi Arabia's sovereign fund as well as Tencent, which took a 5 percent stake in 2017.