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Elon Musk may only face a minor fee if the SEC investigates his tweet storm about taking Tesla private — here’s why

“The SEC is more likely to focus on Musk’s use of the phrase “funding secured,” in an August 7 tweet” writes Mark Matousek for businessinsider.com. Tesla CEO Elon Musk has expressed his desire to take the company private.Rashid Umar Abbasi / Reuters After a week of speculation, the plans of Tesla and its CEO, Elon Musk, to explore the possibility of taking the company private are coming into focus.The Wall Street Journal reported last Wednesday that the SEC had made an inquiry into Tesla about whether one of Musk’s tweets…

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‘It was, at best, hasty and naive, and, at worst, manipulative’: Experts slam Elon Musk’s confusing defense of why he tweeted ‘funding secured’

“Musk’s statements may contradict the reason he wants to take the company private, Akshay Anand, an executive analyst for Kelley Blue Book, said” writes Mark Matousek for businessinsider.com. Tesla did not respond to a request for comment about the potential disparity between Musk’s “funding secured” tweet and his statement from Monday.Last week, Musk said he was considering taking Tesla private for $420 a share and implied that he had the funding to do so “secured,” pending a shareholder vote.Last week, Musk said he wanted to take Tesla private in part because the…

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Elon Musk names Saudi wealth fund as Tesla’s funding source

“That blog post appears to name Saudi Arabia’s sovereign wealth fund, the country’s investment vehicle, as being responsible for the funding that Musk said was “secured” in his tweet” reports cnet.com. According to the blog post, the fund first met with Musk in early 2017 to discuss going private again, and the two parties met multiple times thereafter.Last week saw quite the storm of activity when Elon Musk announced that he wanted to take Tesla private again and had “secured” the multibillion-dollar funding for it. Source: cnet.com Share This:

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Elon Musk defends his ‘funding secured’ tweet to take Tesla private

“Musk added that he has continued talks with the managing director of the Saudi fund who wishes to move forward with the process” writes Hamza Shaban for sun-sentinel.com. In a blog post on Monday the chief executive of Tesla said that the Saudi Arabian sovereign wealth fund offered to fund taking the all-electric automaker private during a meeting on July 31.In a blog post that further seeks to make the case that Tesla should go private, Musk attempted to address his critics who have attacked his tweet and questioned whether…

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Musk points to Saudis for ‘funding secured’ tweet in taking Tesla private

“Elon Musk is clearing up questions around taking Tesla private, saying his claim last week that the necessary funding had been secured was based on repeated and ongoing conversations with the Saudis” writes Sara Salinas for cnbc.com. Going back almost two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private.”Before anyone is asked to decide on going private, full details of the plan will be provided, including the proposed nature and source of the funding to be used. Source: cnbc.com Share This:

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Elon Musk faces legal action over 1 little tweet

“Now, Tesla and Elon Musk are facing legal action, with a number of Tesla investors filing legal complaints against the company and its founder, according to Bloomberg” reports cnet.com. Isaacs claims Musk “has not secured financing” and that his tweet “issued false and materially misleading information into the market.”. As a result, Isaacs claimed, purchasers of Tesla stock were “injured.”. With those nine little words last week, Elon Musk proved that when you’re the head of one of the world’s biggest companies, your tweets can cause shock waves (and land you…

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Collapsed UK retailer BHS pension scheme secured by $1 billion insurance buyout

“A pension insurance buyout involves a transfer of the promise to pay pension fund members, shifting that responsibility from the fund to the insurer, and giving policyholders a guaranteed income stream” writes Midwest Communications Inc for 95kqds.com. LONDON (Reuters) – The pensions of 9,000 employees of collapsed British department store chain BHS were secured on Sunday after a specialist insurer announced an insurance buyout of the firm’s ‘BHS2’ scheme covering 800 million pounds ($1 billion) of liabilities.Pension Insurance Corporation said the buyout left members of the scheme, which was set…

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Elon Musk and carmaker sued over ‘funding secured’ tweet

“According to his complaint, Isaacs bought 3,000 Tesla shares on 8 August to cover his short position” reports theguardian.com. Musk’s tweets on 7 August helped push Tesla’s stock price more than 13% above the prior day’s close.The lawsuits filed by Isaacs and William Chamberlain said Musk’s and Tesla’s conduct artificially inflated Tesla’s stock price and violated federal securities laws.Musk has not offered evidence that he has lined up the necessary funding to take Tesla private, and the complaints did not offer proof to the contrary. Source: theguardian.com Share This:

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SEC may be looking into Musk’s tweets about taking Tesla private

“On Wednesday, six Tesla board members said in a statement that Musk brought the idea of taking the company private to them last week” writes Rex Crum Is for mercurynews.com. Was Elon Musk telling the truth, or fudging the facts a bit, when he surprised the world by tweeting on Tuesday that he would like to take Tesla private and had already secured funding?.  Source: mercurynews.com Share This:

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