Musk bid for Tesla: no formal offer, no firm deals with advisers

Tesla's Slow Disclosure Raises Governance Social Media Concerns

In a statement earlier Monday, Musk also shared more details about who might fund such a deal.

On Monday, he attempted to justify his position saying that he had met the Saudi sovereign wealth fund after it bought a 5% stake in the company.

The special committee has the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk, the company said in the statement. The lawsuit alleges that Musk tweeted that message to boost Tesla's stock price and punish those investors who bet against the company.

CNNMoney's "Markets Now" streams live from the NYSE every Wednesday at 12:45 pm ET.

"I left the July 31st meeting (with the Saudi fund) with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving", Musk said.

Musk announced last week on Twitter and on Tesla's website that he was considering taking automaker Tesla private and had secured the funding to do so.

What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA, noted the paper. A week later Musk tweeted, "Am considering taking Tesla private at $420". A source told Reuters that Silver Lake was working with Musk without compensation and has no plans to participate as an investor in the proposal.

NASA begins journey to sun, launches Parker Solar Probe
Parker Solar Probe will measure the magnetic field of the Sun and to determine the characteristics of particles that emit a star. This is the first time NASA has named a spacecraft after a living person.

Trump says "Apprentice" producer told him there's no "N-word" tape
He said that Newman made up the story about him and that the "fake news" only listened to her because she had turned against him. The recording, which is yet to be verified, reportedly depicts President Trump unaware that Ms Manigault Newman had been fired.

Trump didn't know Omarosa had been fired, new tape seems to show
Trump aides have sought to aggressively counter her claims, which coincide with the release of the ex-aide's new tell-all book. Sure, it's going to look retaliatory, but at this point it couldn't look worse than it is at the moment for the White House.

Tesla CEO Elon Musk says he's making plans to make the electric vehicle and solar panel maker private, but no deal has been finalized.

Goldman Sachs and Silver lake declined to comment. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia's Public Investment Fund.

Securities lawyers said US law requires executives and companies to have a "reasonable basis" on which to make statements, meaning the fact Musk said he believed he had secured a verbal agreement for the funding after the July 31 meeting could put him on a firmer footing with the SEC.

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, and they are doing so before receiving a formal proposal from the CEO.

The special committee will consist of independent board members Brad Buss, Robyn Denholm and Linda Johnson Rice.

It's unclear whether Musk will be successful with his plan, but former proposals to merge with SolarCity and roll out a rewards package passed shareholder votes with large majorities, suggesting strong support for his leadership.

Latham and Watkins LLP has been retained by the committee as its legal counsel.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump calls Omarosa 'that dog', takes legal action against her
Aug 15, 2018 - 03:13
But Manigault Newman was defiant, telling the Associated Press on Tuesday, "I will not be silenced". She refused, and Kelly was forced to fire her, unnamed White House aides told Politico .

isis-killer-beheading-video-story-top Celtic crash out of Champions League at hands of AEK Athens
Aug 15, 2018 - 01:57
In the Instagram video posted late last night, the 27-year-old can be seen getting muscular therapy on his back and legs. Manager Brendan Rodgers has refused to say whether Dedryck Boyata has played his last game for Celtic .

isis-killer-beheading-video-story-top Salah on target as Liverpool start with easy win
Aug 14, 2018 - 08:35
West Ham United's Michail Antonio (left) and Liverpool's Georginio Wijnaldum battle for the ball during the Premier League match at Anfield , Liverpool.

isis-killer-beheading-video-story-top England vs India 2018: India's predicted XI for the third Test
Aug 14, 2018 - 08:26
What we want for him is to bring that confidence to the red-ball game". They not learning from mistakes has been very disappointing to watch.

isis-killer-beheading-video-story-top Safety issues delay Tottenham's stadium opening
Aug 14, 2018 - 07:56
I was really happy to be back with the [Tottenham] team and it's a good feeling, especially after the win". Tottenham's Dele Alli celebrates scoring their second goal with Harry Kane and Eric Dier.

isis-killer-beheading-video-story-top Fight for Afghan city rages despite Kabul's claim of upper hand
Aug 14, 2018 - 05:27
Washington neither confirmed nor denied the meeting, but acknowledged Wells was in Qatar, where the Taliban maintain an office. The army chief said the security forces are conducting full-scale clearance operations to eliminate militants from the city.

isis-killer-beheading-video-story-top Va. gov., Charlottesville declare state of emergency ahead of rally anniversary
Aug 14, 2018 - 02:23
During the protests, a vehicle drove into the crowd of people, as a result of which a woman was killed. James Alex Fields Jr ., of OH , faces murder charges in Heyer's death.

isis-killer-beheading-video-story-top Idris Elba Fuels James Bond Speculation With Playful Tweet
Aug 13, 2018 - 05:05
A number of online betting agencies are running odds on who will be next in line, with Elba the frontrunner. Fuqua's representatives refuted the story, however, stating that no such conversation ever took place.

isis-killer-beheading-video-story-top West Nile virus found in Stirling area
Aug 13, 2018 - 04:12
The mosquito was found in a trap near the intersection of Lower Marine Road and Bass Drive on the East side of Troy. West Nile virus is a relatively common disease; Cabell County also confirmed cases in 2017 and 2015.

isis-killer-beheading-video-story-top Nintendo Switch Online debuts in the second half of September
Aug 13, 2018 - 03:55
One such detail is Switch Online's release date, as thus far, Nintendo has only said that the service will launch in September . Nintendo Switch Online will also be providing gamers will a large selection of Nintendo Entertainment System or NES games.

isis-killer-beheading-video-story-top David Moyes has made a very bold prediction for Manchester United's season
Aug 13, 2018 - 03:48
The rest will have done Sane no harm, and Sane is relishing the upcoming Premier League challenge where all to top sides have strengthened.

isis-killer-beheading-video-story-top Rain Suspends PGA Championship during Second Round
Aug 13, 2018 - 03:44
He now is No. 2 in the world, with a shot at overtaking Johnson in two weeks when the FedEx Cup playoffs start. When people mocked Erin Hills as an unworthy U.S.

isis-killer-beheading-video-story-top Team Gives Medication To Sick Killer Whale At Sea
Aug 13, 2018 - 03:31
But they don't plan to intervene to help a mother orca in the same critically endangered pod that also has them anxious . The 3-year-old orca's condition is so poor, she may not survive and is running out of time, scientists said .

isis-killer-beheading-video-story-top Charlottesville events marking one year since violent protest
Aug 12, 2018 - 16:25
Majuto claimed that the police "were not on our side" a year ago when white supremacists confronted counterprotesters. His apparent refusal to condemn neo-Nazis and violent white nationalist groups elicited strong bipartisan pushback .

isis-killer-beheading-video-story-top Senior Zimbabwe opposition figure Tendai Biti arrested at border
Aug 12, 2018 - 16:22
There was great optimism that the elections would bring real change after the end of Robert Mugabe's 37-year rule in November. The Zimbabwe elections body, ZEC, declared Mnangagwa victor of the hotly contested polls with 50.8% of valid votes cast.