Tesla Board 'Totally Blindsided' by Musk's Suggestion to Take Company Private

Tesla's Slow Disclosure Raises Governance Social Media Concerns

According to Musk, "two thirds" of Tesla's current stockholders would be interested in continuing to hold the firm's shares once it goes private. The agency declined to comment.

The Securities and Exchange Commission has inquired about Musk's claims, which, if found to be untrue, could cause greater problems for Tesla chief executive.

Shares in Tesla, which are still well below highs hit when Musk initially raised the prospect of the transaction last week, inched up 0.7% in trading before the bell.

Tesla shares rose 0.26 percent to $356.41.

The SEC is reportedly looking into Musk's tweets about taking the company private, if Musk tweeted that he had "funding secured" for the process without actually having the money to back it up, it could be argued that the CEO was attempting to inflate Tesla stock prices with the tweet which could spell disaster for Musk. "The $420 buyout price would only be used for Tesla shareholders who do not remain with our company if it is private".

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Elon Musk's decision to tweet that he was considering taking Tesla private reportedly caught some of the company's own board directors off guard, The New York Times reported on Monday.

Asked about the outcome of the special committee, analyst Chaim Siegel at Elazar Advisors said, "This is not easy. They first met with me at the beginning of 2017 to express this interest", Musk said.

The committee hasn't yet received a formal proposal from Musk, who earlier this month tweeted that he had secured funding to take his electric-car company private.

He blogged on Monday that recent talks with a Saudi sovereign wealth fund gave him confidence funding was nailed down, but that he was still talking with the fund and other investors. "Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction", Efe quoted him as saying.

Board members Brad Buss, Robyn Denholm and Linda Johnson Rice will sit on the committee. Tesla bought SolarCity that year. In a statement published on the company's official website, the Tesla CEO also admitted that he was first approached for the move nearly two years ago.

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