Tesla’s board of directors is taking new measures to evaluate Elon Musk’s as-yet unofficial proposal to take the company private. It has enlisted three members of the board to vet any proposal that gets submitted by Musk and determine whether or not it’s worth bringing to the rest of the board. We’re sure that Elon isn’t thrilled with this move.
This move comes after a meeting that the board urged Mr. Musk and his brother Kimbal to abstain from, in which it considered the CEO’s tweets about going private. The special tribunal has the full power of the board to take any action based on Musk’s proposal, and that’s a pretty big responsibility.
The special committee is composed of Brad Buss, Robyn Denholm and Linda Johnson Rice. Buss is the former CFO of Solar City before Tesla’s somewhat controversial buyout of the company, Denholm is the first female member of Tesla’s board of directors, and Rice is the second. The committee has retained the services of a law firm, while Tesla has engaged a separate law firm to act as counsel.
Things aren’t all rainbows and kittens at Tesla as the board forms a special committee to act on any potential proposal to go private from CEO Musk.
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To us as outsiders, it seems like Tesla, its CEO and its board are all squaring off for a showdown, the end result of which could likely have major financial implications for individuals and organizations outside the company.
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As of the writing of this story, Tesla’s stock price is nowhere near the $420 mark that Musk set in order to go private, and all parties that he has claimed have given their support are denying any intention of funding this buyback, though Musk still hasn’t submitted any official proposals.
In short, things at Tesla are a big old mess, and we’re very curious to see how it all shakes out.
Tesla declined to comment further on the matter.
