Investors really aren't buying Musk's plan for Tesla


The reference to the company's stock is particularly relevant because Tesla shares immediately skyrocketed in the wake of Musk's tweet.

That means they've now given back nearly all the gains following Musk's Tuesday morning tweet that he had confirmed funding for taking the company private at $420 a share.

Directors plan to meet financial advisers next week and are likely to tell chairman Elon Musk to recuse himself while they mull his proposal, CNBC reported Thursday, citing unidentified people familiar with the matter.

The murkiness of the financing could turn into a legal mine field for Musk and Tesla, according to both Coffee and former SEC lawyer Pete Henning, now a law professor at Wayne State University.

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In a statement on Wednesday, Tesla's board said its discussion with Mr Musk "addressed the funding" for the deal, without offering more details.

As to the question of whether Musk has indeed secured the funding, there is plenty of skepticism among the Tesla short-sellers to go around. Putting in place the structure employed by SpaceX would provide investors with an avenue to sell their stock in the future should Tesla go private by removing its shares from trading on the Nasdaq Stock Market, Prasad said.

"As the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company", Musk noted.

Some Wall Street analysts are skeptical about Musk's ability to garner enormous financial support to complete such an agreement, given Tesla's losses, its U.S. $ 10.9 billion in debt and its bonds rated in speculative territory by worldwide agencies. Elon Musk has a few things on his side such as excessive dry powder in private equity, a sizable personal stake in Tesla, and a relatively low interest rate environment. Musk has feuded publicly with regulators, critics, short sellers and reporters, and some analysts suggested that less transparency would be welcomed by Musk.

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"If you are a believer in Elon, I would continue to hold onto those shares", said Michael Jurasic, a securities attorney at Ropes & Gray, who added that it's unclear exactly how Tesla's buyout would work.

Tesla has many mom-and-pop investors.

Just last week, he revealed he had been working 110 hours a week to deliver on short-term promises he had made to Wall Street, a load he traced to his boorish behavior toward two analysts earlier this year.

According to UK's the Guardian, this new valuation would float his company from its current stock market value of $63.8 billion to a whopping $82 billion, a near $20 billion inflation.

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Tesla needs cash for its $2 billion factory in China, to open more stores and to pay off the debt that's coming due in the next eight months.