Published: Sat, August 18, 2018
Money | By Armando Alvarado

SEC action against Musk 'substantially likely,' a former commissioner says

SEC action against Musk 'substantially likely,' a former commissioner says

Goldman Sachs and Silver lake declined to comment.

Musk stunned investors and sent Tesla's shares soaring 11% when he tweeted early last week that he was considering taking Tesla private at $420 per share and that he had secured funding for the potential deal. On Monday, Musk said in a statement that he used the phrase "funding secured" because he believed there was "no question" Saudi Arabia's Public Investment Fund would provide funding for a deal to convert Tesla into a private company after a July 31 meeting with the fund's managing director.

The SEC became interested in the subject after Musk announced his brilliant idea and added that funding for taking Tesla private has been secured. This report comes a week after SEC investigators reportedly began looking into Musk's actions. Goldman Sachs hadn't officially signed on at the time of the tweet, Bloomberg News reported Tuesday.

This source said Tesla's independent board members had hired law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP to help handle the SEC inquiry and other fiduciary duties with respect to a potential deal.

Bold statements fuel U.S.-Turkey feud over arrested pastor
He did not elaborate on what measures the USA is willing to take if Turkey continues to play hardball over Brunson. The US has threatened to impose more economic sanctions on Turkey if it does not free a detained American pastor.

At the center of the controversy is what Musk meant when the chief executive officer tweeted August 7 that he had the funding for a buyout, without providing specifics to back up the claim. Tripp then filed a formal whistleblower tip to the U.S. Securities and Exchange Commission alleging the company has misled investors and put customers at risk. Tesla has a market value of $60 billion, bigger than Detroit rivals General Motors Co or Ford Motor Co, which produce far more cars.

Earlier this month, Tripp He denies Tesla's claim that he's a hacker, and says the company intimidated and harassed him after he was sacked. Rice, the first African-American and second woman to join the board, is CEO of Johnson Publishing Company and Chairman Emeritus of EBONY Media Holdings, the parent of EBONY and Jet brands, according to Tesla's website.

Martin Tripp, who Tesla fired after accusing him of industrial sabotage, has spent the better part of the past month waging a campaign against the company.

Gene Munster, a managing partner at the venture-capital firm Loup Ventures, echoed that point in an interview with CNBC.

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