Tesla shares fall 5 percent on Wall Street skepticism, SEC probe reports

US-SCIENCE-SPACE-SPACE X

Trading on Tesla's stock was stopped Tuesday following Musk's tweets, which sent shareholders and reporters into a scramble. Tesla could use a similar structure to go private without requiring stockholders to cash out, said Sohail Prasad, founder of San Francisco-based Equidate, which helps closely held tech firms hold similar share sales. Regulators have asked the company if what Musk tweeted was factual and why such a disclosure was made via social media rather than in a filing, according to the Wall Street Journal, citing unidentified people familiar with the matter. Now, as the board's announcement has gone out that it would actually consider the possibility of going private, the stock has again begun to jump up in again in after-hours trading.

"Clearly we all believe there's an extremely low probability he can get that deal done", Tesla bear Mark Spiegel of Stanphyl Capital said, according to The Financial Times.

In an internal letter to Tesla employees, Musk confirmed he was considering taking the company private in order to free it from "short-term thinking" and other "distractions". As far as Musk's stated share price to take the company private, analysts stated that there's upside risk in the near term to around $400 but downside risk to $340, "if no firmer details emerge, as investors would likely increasingly debate Musk's credibility and over-focus on the shares' price and volatility".

Mr Musk laid out how he envisioned taking Tesla private both in tweets and in an email to employees that drew comparisons to Space Exploration Technologies Corporation, where he's also chairman and chief executive.

The agency declined to comment and Tesla did not immediately respond to requests for comment.

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Nearly everything about the deal is outlandish, from Musk's out-of-the-blue disclosure in a nine-word tweet to the assertion that he has lined up adequate financing to a buy a company that seems to burn through cash faster than it produces cars. At first many considered this to be one of Elon's twitter moments where he randomly tweets about potential ideas and goals of his. The statement also gave no details on how the price of United States $ 420 per paper had been established.

"As long as it's an option for me to invest my money alongside Elon, I'm going to", said James Stephenson, who says he has been a Tesla investor since 2014.

Booking Holdings slumped five per cent on disappointment over the company's third-quarter forecast.

Tesla has many mom-and-pop investors.

The stock spike after the earnings call led to Tesla short-sellers getting burnt by over US$2 billion. He also emphasised on removal of the quarterly system cycle by taking tesla into private company since this quarter cycle could affect tesla's decision making between any of the quarters.

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