[Electronic version] Tesla's mask C...
29
06
[Electronic version] Tesla's mask CEO, if it is considered non -listing, to the largest LBO ever
The US Electric Mobile Manufacturer Tesla, CEO, said on Tuesday that it was considering the company's stock privatization on Tuesday.If private is realized, the pressure on Tesla, which continues the deficit, is expected to alleviate.The announcement surprised investors, and Tesla's stock prices temporarily increased by about 13 %.Prior to Musk's tweet, Saudi government funds have been reported that Tesla stocks have bought more than $ 20 billion (about 223 billion yen).
Iron Mask CEO (June 2010, NY = Bloomberg)
However, there are many questions, such as how Mr. Musk, who has about 20 % of Tesla shares, prepares $ 66 billion needed to complete privateization.Tesla's valuation based on $ 420 per share that Musk says is about $ 82 billion, including debt.Musk needs to perform the largest leverageed bayout (LBO) in order to realize stock private.Until now, the largest LBO example was TXU (then) in 2007.
Mr. Musk explained in an email to an employee that "the reason for trying to do so is to create an environment where Tesla can operate the best."The major fluctuations in stock prices make employees "terribly upset", and because they are listed companies, "Tesla is a powerful decision that is good for a specific quarter, but not necessarily appropriate in the long term.You will be pressure. "
Mr. Musk stated that shareholders finally decided whether to decide to push the stock private or to continue the CEO.
Musk has long been angry with investors and media monitoring.In an interview with the Bloomberg News in January 2015, he talks about the merits of running the Space Explation Technologies (Space X) as a private company, while the Tesla public release in June 2010.He said, "Listed companies are surrounded by many noise. People continue to say about stock prices and corporate value. It is certain that stock public will increase the incidental cost of managers in any company."。
Gene Manster, a venture capital company Loop Ventures, pointed out that it would be "very reasonable" to make Tesla a private company."Musk doesn't want to run a listed company. He has a magnificent concept, and it is difficult to meet the expectations of shareholders every quarter. The probability of Musk is the probability of this.I see one -third. "
Tesla has a deficit every year since its listing, unlike the typical company that can borrow a large amount.In addition, the deficit of a high -level free cash flow continued while trying to achieve the production goal of the sedan "Model 3".
Joel Levington, an analyst of Bloomberg Intelligence, said that the possibility of stock privateization was "extremely low" and said, "It is unusual for free cash flow to procure more than $ 50 billion for a deficit business.It would be difficult without saying. "(Bloomberg)
