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.”