Tesla board to meet next week.
CNBC VideosAugust 9, 2018, 9:54 PM GMT.
CNBC's Alex Sherman reports the Tesla board is likely to meet with bankers next week and will likely seek Musk recusal from meetings. With The Bear Traps Report's Larry McDonald, CNBC's Brian Sullivan and the Fast Money traders, Tim Seymour, Karen Fine...
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Exclusive: Tesla's board seeking more information on Musk's financing plan - sources. (Reuters) - Tesla Inc's (TSLA.O) board of directors is seeking more information from CEO Elon Musk about the finance for his plan to take the U.S. electric car maker private, according to people familiar with the matter. While Tesla's board has held multiple discussions about the proposal, it has not yet received a detailed financing plan from Musk and specific information on who will provide the funding, one of the sources said. The board expects to make a decision on whether to launch a formal review of Musk's proposal in the coming days, and is speaking to investment bankers about hiring financial advisers to assist it in its review in such scenario, the sources said. The exact information that Musk communicated to the board about his plan could not be learned. If the board launches a formal review of Musk's bid, he would have to recuse himself, or a special board committee would have to be formed, according to the sources, who requested anonymity because the deliberations are confidential.
Shares of Tesla (TSLA) are trading higher after hours on reports that the electric car maker's board of directors will meet next week to discuss the go-private plan. Where we were: Tesla shares shot higher after CEO Elon Musk said he might take the company private at $420 a share. Where we're headed: There's no shortage of questions remaining about how any deal would play out, but the board is moving ahead, and asking Musk to recuse himself as they examine the offer further.
Tesla shares rose in post-market trading after CNBC reported that its board of directors planned to meet with financial advisers next week to formalize a process to take the co. private and would ask CEO Elon Musk to recuse himself from the process.
Tesla Inc.’s board is forging ahead with its review of a deal to take the electric-vehicle maker private -- without revealing to investors just what the proposal is or how it would be funded. Directors plan to meet with financial advisers next week and are likely to tell Chairman Elon Musk to recuse himself while they evaluate his proposal, CNBC reported Thursday, citing unidentified people familiar with private conversations. A special committee of independent directors will likely review the details, and the board has told Musk, who’s also chief executive officer, that he needs his own separate advisers, one of the people said.
The Tesla Inc. (tsla) board of directors plans to meet with advisers next week to make formal the process of exploring Chief Executive Elon Musk's proposal to take the company private, according to a CNBC report that cited people familiar with the matter. The board is likely to ask Musk to recuse himself, and the board told him that he'd need his own set of advisers, the report said. Musk earlier this week stunned markets by tweeting and later on expanding on an email to employees that he was considering taking Tesla private at $420 a share.
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Musk announced via Twitter this week that he hopes to take the automaker private, in what would be one of the biggest such deals in history. Tesla's board will likely develop a special committee of a smaller number of independent directors to review the buyout details, the people added. Tesla has declined to comment on funding for the transaction, leading to speculation Musk doesn't have committed financing and drawing a request for more information from the U.S. Securities and Exchange Commission. The move by the board to ask Musk to recuse himself from the process and to hire his own advisers is not unusual. When Michael Dell decided to take his company private in 2012 and 2013, his board also asked him to remove himself from the discussion and hire his own advisers.
Published: 22:01, 9 August 2018 | Updated: 22:05, 9 August 2018. Marc Allera, chief executive of BT's consumer business, said: 'These new roles will provide better job security, and will mean our people can focus on putting our customers first and offer the best help and support.'. Why not be the first to send us your thoughts, or debate this issue live on our message boards. We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline.
On August 7, Tesla (TSLA) stock surged 11.0% to $379.57 after CEO Elon Musk’s tweet about taking the company private. However, the stock couldn’t sustain these gains as its stock fell 2.4% on August 8. Today at 3:10 PM EDT, TSLA stock fell 5.5% to $350.11. Auto stocks (XLY) General Motors (GM), Ford (F), and Fiat Chrysler (FCAU) returned -0.4%, -1.2%, and -1.5%, respectively, on the day.