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.
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Apr 25, 2019