Tesla motors inc
Payout for Musk as Tesla value tops $100bn
Shares in Tesla rose some six percent in early trade to lift the value of the fast-growing maker of electric vehicles to around $105 billion.
Elon Musk boasted on Twitter just two days after he floundered on stage when the vehicle's armoured glass windows cracked in a demonstration intended to prove their indestructible design.
The appointment of Robyn Denholm caps months of turbulence for the company and its stock as investors called for stronger oversight of Musk.
The first tunnel, under Hawthorne in the Los Angeles area, is almost done and will open on 10 December, Musk said.
Elon Musk has agreed to pay a $20 million fine and step aside as Tesla’s chairman for three years to settle charges that could have forced his exit from Tesla.
Tesla expressed support for Musk on Thursday, saying the company and the board of directors ‘are fully confident in Elon, his integrity, and his leadership’.
The Audi e-tron midsize SUV will be offered in the United States (US) next year at a starting price of $75,795 before a $7,500 tax credit.
The stock dropped 2.8% to $280.74, the lowest level since late May, following a 4.2% decline on Tuesday after Mercedes introduced its first fully electric car in Stockholm.
A go-private deal at $420 a share announced by Musk in a 7 August tweet would have wiped out short bets against Tesla and hidden the company’s financials from the public eye.
The board announced the move in Tesla’s first filing with regulators since Musk tweeted a week ago that he was considering taking the company private.
Tuesday’s announcement means three members of Tesla’s board will now weigh whether it is advisable - or even feasible - to pursue what could be the biggest-ever go-private deal.
Musk, who is still looking for funding for the plan, also said law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson would be legal advisers on the plan.
Elon Musk stunned investors last Tuesday by announcing on Twitter that he was considering taking Tesla private in a potential $72 billion transaction.
The lawsuits were filed three days after Musk stunned investors by announcing on Twitter that he might take Tesla private.
Musk said in a tweet on Tuesday that he had secured financing for the deal, but he did not publicly provide further details.
In a letter to Tesla employees published more than an hour later on the company’s blog, Musk explained that going private would be “the best path forward.”
Earlier this week, Tesla Chief Executive Elon Musk told employees in an email that an unnamed Tesla employee had conducted “extensive and damaging sabotage” to the company’s operations.
NHTSA said in a statement it was “gathering information on the tragic crash in Fort Lauderdale, Florida to understand all of the facts.
Last week, Barclays analyst Brian Johnson warned investors to be wary of a brief “burst rate” of Model 3 production that was not sustainable.