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While there's some good reasons here, I can't help but think this is more an emotional reaction on Elon's part, to the shorting and general negativity around the company.
TSLA up 7% on announcement, high of $370.79 If you're a short seller, beware the "squeeze." If you're not a short seller, this article can be an amusing read: https://www.reuters.com/article/us-volkswagen/short-sellers-...
If you're a heavy TSLA short-seller, you're already in deep trouble, unless this falls through very quickly. There will be margin calls. Welcome to the losing side of short-selling.
Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time. How does this work as a private company?
TSLA up 7% on announcement, high of $370.79 If you're a short seller, beware the "squeeze." If you're not a short seller, this article can be an amusing read: https://www.reuters.com/article/us-volkswagen/short-sellers-...
That was the previous high it hit before it was halted for this news to come out. Trading is now scheduled to re-open in 6 minutes (3:45 PM EST). Going to be a very interesting 15 minutes before the market closes for the day.
First you throw out a tweet, later in the day you halt trading, then you make an announcement that you're "considering" something major, but that you haven't decided yet.
Not only that, but Musk seems a tad bit paranoid. He's regularly talking about all those evil greedy short-term traders that attack the company -- which is a little silly since traders have given Tesla a larger market cap than GM and Ford.
Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time. How does this work as a private company?
Private companies are still allowed to give share to employees. Employees are then allowed to sell their stock periodically (every 6 months in this case).
He tweeted that he had funding and in the email mentions no funding. This is a really weird announcement that feels like an empty pump of the stock. He could have chosen any number...