Tesla's board is forging ahead with its review of Elon Musk's bold and ambiguous gambit to take the electric-vehicle maker private. Directors plan to meet financial advisers this week and are likely to tell chairperson Musk to recuse himself while they mull over his proposal, CNBC reported on Thursday. A committee of independent directors will likely review the details, and the board has told Musk - who owns 20% of the company - that he needs his own advisers. The reported deliberations would be consistent with what six directors said in a statement a day earlier: that they would take "appropriate next steps" to evaluate their CEO's idea. The report came after the close of regular trading on Thursday. Tesla shares rose 2.3% to $360.61 in trading on Friday before US exchanges opened. Musk thrust his fellow directors into an unprecedented situation by tweeting on Tuesday that he was considering taking Tesla private at $420 a share. The three-sentence statement that six board members i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.