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Tesla board evaluating CEO’s bid to take company private

August 8, 2018

SAN FRANCISCO (AP) — Board members at Tesla are evaluating CEO and Chairman Elon Musk’s $72 billion proposal to take the electric car and solar panel maker private.

Six of nine members say in a statement Wednesday that Musk began talking with the board about the move last week. This included discussing how being a private company could better serve Tesla’s long-term interests. The statement says board members met several times and also addressed funding for the move.

Musk, his brother Kimbal and director Steve Jurvetson were not included in the statement.

The eccentric Musk announced the bombshell move Tuesday on Twitter, writing that he had secured funding to buy Tesla Inc.’s shares at $420 each.

Shares rose 11 percent Tuesday but fell slightly Wednesday to $377.96.

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