Tesla Motors CEO Elon Musk at Tesla Store opening in Westfield Mall, London, Oct 2013On August 7 Tesla CEO Elon Musk tweeted about taking the automaker private. While it may have seemed to slip out of the news, the tweet had not slipped the minds of federal agencies. The Wall Street Journal reported on Tuesday that the Department of Justice (DOJ) now has an open investigation into the Silicon Valley company, and whether it violated any rules when Musk sent his now-infamous tweet. Tesla said it received from the agency a "voluntary request for documents," which is step one in an investigation. A statement released by the automaker said, "we respect the DOJ's desire to get information about this and believe that the matter should be quickly resolved as they review the information they have received." A spokeswoman from the DOJ told Motor Authority it "does not confirm, deny, or otherwise comment on the existence or non-existence of an investigation." The criminal investigation … [Read more...] about DOJ wants to know if Tesla CEO Elon Musk broke the law in going-private tweets
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Tesla factory, Fremont, CaliforniaIn a public letter to investors Monday morning, Tesla CEO Elon Musk expanded on details of his plan to take the company private. Musk announced Aug. 4 on Twitter that he was considering a privatization plan and had funding "secured." In the letter Monday, he revealed that he has been in discussions for almost two years with the sovereign wealth fund of Saudi Arabia about taking the company private. He said he last spoke with the managing director of the nation's private investment fund July 31, when the director "expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time. I understood from him that no other decision makers were needed and that they were eager to proceed." 'Revenge of the Electric Car' premiere: Elon Musk arrives in a Tesla Roadster A Reuters report over the weekend cast doubt on that analysis, … [Read more...] about Tesla CEO Elon Musk reveals talks with Saudi fund to take Tesla private, others express doubt
Susan Tompor and Kristen Jordan Shamus Detroit Free Press Published 10:04 p.m. UTC Jul 11, 2018 Tesla CEO Elon Musk set off a tweet storm on the Flint water situation Wednesday by suggesting he'd be willing to put some of his fortune on the line to help out families in Flint. "Please consider this a commitment that I will fund fixing the water in any house in Flint that has water contamination above FDA levels. No kidding," Musk stated in a tweet from his authorized Twitter account. Musk was replying to a Tweet from @DylanSheaMusic who tried to rattle Musk by saying the buzz was that Musk would not be able to get clean water to Flint: "Said you wouldn't be capable." What the comments via Twitter really mean, of course, is yet to be seen. A Tesla spokeswoman said she was not familiar with the tweet and could offer no additional comment. But the tweets are certainly buzzworthy. “We’re super excited. He reaffirmed the generosity … [Read more...] about Will Tesla CEO Elon Musk fix Flint water?
Tesla CEO Elon Musk has purchased $25 million worth of Tesla stock this week. According to an SEC filing, his latest purchase totals 72,500 shares ranging from $342 to $347, representing ownership of roughly 19 percent of the company. Last month, Musk also purchased $10 million in stock, a move widely acknowledged as an attempt to reverse sentiment amidst Model 3 production woes and strike back against short sellers. According to analytics company S3 Partners, short seller activity accounts for 22 percent of all outstanding shares, making it the most shorted stock on the stock market. This signals bullish, or pessimistic sentiments, towards a firm’s stock price movement. SEE ALSO: Tesla Will Cut 9 Percent of Workforce “The sheer magnitude of short carnage will be unreal,” tweeted Musk at the time. “If you’re short, I suggest tiptoeing quietly to the exit…” This move comes after this week’s layoffs affecting 9 percent of the workforce to … [Read more...] about Tesla CEO Elon Musk Splurges on $25 Million Worth of Tesla Stock
Tesla CEO Elon Musk has signaled increased confidence in his brand’s prospects, hamming it up to short sellers by dropping down $9.85-million of his cash in Tesla stock. The purchase of 33,000 shares represents his largest purchase since March 2017, with his stake in the entire company increasing roughly a tenth of 1 percent at 22 percent. Share prices moved between $294 to $302 in a series of Monday transactions. This latest move marks the end of a contentious week between Musk and shareholders, with an unusually combative earnings call where Musk offered dismissive and terse answers to analysts, with some questions refused altogether. ALSO SEE: 2020 Tesla Roadster Supposedly Getting Hardtop Roof After the earnings call, Tesla’s stock shattered $2.8-billion of market value, with Musk tweeting a semi-apology and offering several reasons for his answers. The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors … [Read more...] about Tesla CEO Elon Musk Buys $9.85M in Company Stock