Tesla CEO Elon Musk met with SoftBank CEO Masayoshi Son about taking the electric-car maker private past year, Bloomberg reports.
Public companies have four days to report certain material events that shareholders should know about to the U.S. Securities and Exchange Commission. That said, if they do want out, they can sell their shares at $420 per share, which is a fair bit higher than Tesla's current stock price ($382.67 at the time of writing, up from today's open price of $343.84).
"We've been in existence for over 100 years-we've always had complicated stakeholders - and that's what makes our company great and vibrant", he said.
Some on Wall Street shared that view. Musk proposed a structure that would have given him disproportionate control over the company through stock with supervoting rights, one person said. The company declined to comment beyond pointing to an all-employee email sent Tuesday by Musk.
Tesla's other board members are Musk, his brother Kimbal Musk and venture capitalist Steve Jurvetson. Saudi Arabia's Public Investment Fund, a major backer of the Vision Fund, has built a $2 billion stake in Tesla already.
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Former SEC chair Harvey Pitt told CNBC that while the USA stock market regulator permits executives of publicly listed companies to use social media to make statements about their businesses, Musk's tweet was still "highly unprecedented".
"Most of the obvious funding sources for Tesla's take-private transaction are foreign-based", Toni Sacconaghi, an analyst at Sanford C. Bernstein & Co., wrote in a note.
Taking Tesla private would also free Musk from his tumultuous relationship with Wall Street as a whole, which had been consuming a significant portion of his time as well as a significant amount of all news surrounding the automaker. "If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us".
But the board offered no further details of the proposal or its funding, sparking new questions about the feasibility of the master gambit Musk revealed in a surprise series of midday tweets on Tuesday. The move is estimated to require north of $50 billion to buy out the public shareholders.
But his nine-word tweet during the middle of trading Tuesday - "Am considering taking Tesla private at $420". If the statement regarding having secured the funding for the move later proves unachievable, then Musk could be in hot water with regulators over the statements that he first made on Twitter.