Musk appoints Siver Lake, Goldman Sachs to take Tesla private

Musk appoints Siver Lake, Goldman Sachs to take Tesla private

Elon Musk, the founder of Tesla, the world largest electric car maker said he is now in touch with financial advisers and a buyout firm to take the company private.

Musk said in a statement that he is talking to buy out firm, Silver Lake and investment bank, Goldman Sachs Group.

The enigmatic founder of Tesla said in a blog statement earlier yesterday that:

“As I announced last Tuesday, I’m considering taking Tesla private because I believe it could be good for our shareholders, enable Tesla to operate at its best, and advance our mission of accelerating the transition to sustainable energy. As I continue to consider this, I want to answer some of the questions that have been asked since last Tuesday.

On August 2nd, I notified the Tesla board that, in my personal capacity, I wanted to take Tesla private at $420 per share. This was a 20% premium over the ~$350 then current share price (which already reflected a ~16% increase in the price since just prior to announcing Q2 earnings on August 1st).

My proposal was based on using a structure where any existing shareholder who wished to remain as a shareholder in a private Tesla could do so, with the $420 per share buyout used only for shareholders that preferred that option.”