Tesla shares fall 5 percent on Wall St scepticism, SEC probe reports

Investor's Corner					Tesla board to formally review Elon Musk’s plan to go private TSLA reacts after hours

Even though Musk has 22.3 million followers on Twitter, Tesla probably should have ensured even wider distribution of the news by simultaneously posting information on its website and filing documents with the SEC, Coffee and Henning said. The current value of Tesla's shares stands at around $370 so a buyout at $420 would represent a roughly 20% premium at buyout, a defiantly tempting offer to get shareholders to sell their shares.

It now has a market value of $61 billion, and at a share price of $420, the company would be worth around $71.6 billion. Musk spoke with the Public Investment Fund about going private previously, according to the news outlet.

Reuters reported that Saudi Aramco, the biggest oil company in the world, recently announced it wishes to buy a stake in Saudi SABIC, the 4th largest petrochemical company on the globe.

Musk has also said he would be looking to keep his ownership of Tesla at around 20 percent, and that a special goal vehicle, like the one that exists at his aerospace company SpaceX, would allow Tesla shareholders to remain invested if they so choose.

Tesla has many mom-and-pop investors. By the end of the day it had rocketed close to Tesla's record closing of $389.61.

One killed, 170 wounded in clashes along Gaza border
The military said Palestinians hurled "explosive devices and firebombs" and in one instance a grenade at Israeli soldiers Friday. A wounded Palestinian girl is brought into al-Shifa hospital on August 9, 2018, following an Israeli airstrike on Gaza City.

Hurricane Hector to skirt south of Hawaii as it weakens
Swells generated by Hector will bring large and risky surf to portions of the main Hawaiian islands through tonight. Hector's strongest winds are confined to about 40 miles from the eye and are not expected to affect the island.

Holy Fire in pictures: Apocalyptic scenes as wildfires rage in California
Before he was arrested, Clark told a freelance cameraman he was asleep when the fire started and had no idea how it began. As The Sacramento Bee reported , more than 14,000 firefighters are now battling 16 different wildfires across the state.

The move came after months of Mr Musk battling investors, journalists and analysts over whether Tesla could turn a profit and produce enough of the mass market model of is flagship electric vehicle to meet demand.

Aramco's further boosting of its downstream (non-production operations) petrochemicals portfolio could help attract potential investors for the IPO, which aims at raising $100 bn from the sale of an Aramco valuation at $2 trillion, Reuters added.

"It's very obvious that Musk did not talk to any lawyers before he made his tweet", said John Coffee Jr., a Columbia University law professor and corporate-governance expert. After two days of turmoil, they stood at $352.45. I always think of Westinghouse's efforts to transform itself from a heavy industrial to a media company in the 1990s, but that is just anecdotal. In a note to the workers of Tesla that's posted on the Company's blog; Musk stated this idea of holding the best path in the future. "It doesn't make sense to me". He thinks the stock could rally sharply above $420 and has a price target on the stock of $571.

Another route Musk could take would be to "go dark" by delisting Tesla and reducing the number of shareholders below the threshold that requires Securities and Exchange Commission registration and reporting. While Tesla undoubtedly has excellent executives and a cadre of top professional talent, it seems to me that these funders are making an extraordinarily large bet on one man and his ability to achieve his vision.

According to Probes Reporter, a research firm focusing on undisclosed SEC investigations, the SEC investigated Tesla from June 2016 to May 2017 regarding the Model 3 sedan. He said, "we are subject to wild swings in our stock price that can be a major distraction" and being public 'subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long term.

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