Jump to content
News
Reviews
Discussons
Activity
Create New...
Close

  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • William Maley
    William Maley

    By William Maley •

    Tesla's Board Plans To Meet With Advisers About Going Private

      The Securities and Exchange Commission also has questions about Musk's tweet

    Everyone seemed to lose their mind when Tesla CEO Elon Musk tweeted out Tuesday that he was considering taking the company private. For a time, the NASDAQ had to halt trading of Tesla stock because of massive fluctuations in the share price. The reasoning behind this move made sense as it would allow the company to focus on the long-term. But this tweet has also brought some unattended problems.

    Reuters has learned from sources at Tesla that the board of directors is seeking more information from him as to how the buyout will be financed. As we reported yesterday, the board has talked about this idea for some time. But a source reveals that it hasn't gotten either a detailed plan from Musk, nor any information as to who will provide the funding.

    Both Reuters and CNBC are reporting that the board will make a decision on whether or not to do a formal review of Musk's proposal in the coming days. It also plans to speak with financial advisers about explore this proposal.

    Sources tell CNBC that the board will ask Musk to recuse himself from the review process of his proposal. He'll need to hire his own advisers for a review.

    There is another twist in this story. Musk has talked to Saudi Arabia's sovereign wealth fund about a take-private deal, according to a source. This is likely due to the Saudi's Public Investment Fund buying between a 3 to 5 percent stake in the automaker, worth about $2 billion that was brought to light this week.

    Tesla's board isn't the only group interested in Musk's plan. Last night, the Wall Street Journal reported that the Securities and Exchange Commission (SEC) is inquiring whether or not Musk was telling the truth when said that he had secured funding for the buyout. Under U.S. law, companies and officials cannot give misleading information about events to shareholders.

    It is unclear whether or not this will cause an investigation be opened or not. A SEC spokesman declined to comment.

    Musk could also be in trouble if the SEC find evidence that his tweet was aimed at increasing the company's share price.

    We'll keep you posted if anything new breaks.

    Source: Wall Street Journal (Subscription Required), Reuters, CNBC

    Edited by William Maley

    Go to articles

    User Feedback

    Recommended Comments



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×



  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • oldshurst442
      Beautiful Cars Appreciation Thread

      By oldshurst442 · Posted

    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Happy Birthday!!! Cheers!!!  
    • oldshurst442
      Porsche News: 2026 Porsche Cayenne Goes Electric with 1,084 Horespower

      By oldshurst442 · Posted

      Yes. Ferrari was always a company selling towards the top tier rich.  I am not sure about Porsche's marketing after 1945, but I do know that Porsche wanted to go up market, really up market,  to sell to the rich in the late 1990s.    Rolex watches were always expensive.  But not always being a  chic jewellery accessory.  Rolex watches were expensive time pieces because they were highly precise time pieces meant for professions that required time pieces that were precise in time telling. Also, Rolexes were also engineered to be tough and not break in those job environments. Therefore the high price tags of them were because the high standard of engineering that went into them.  The value of the brand went up because of the people that bought them praised them. It was after the quartz movement of the 1960s and 1970s that Rolex needed to re-invent themselves as battery powered watches were MORE precise ate their lunch. So...like many other "swiss" automatic watch makers launched their new image as luxury time pieces. It was easy for Rolex to do as Rolex was coveted as a great engineered watch to begin with.   Like I said...its a boys club that they want to be known as and bought by (rich) people that have bought into that boys club mentality.  It aint for you or for @ccap41.   Even if you or @ccap41 had the money, its obvious that you guys have not fallen for this marketing gimmick.  Its barely for me either.  1. I cant afford Ferraris, Porsches or Rolexes. 2. I do not want to be in a Porsche Boys club.  I like Porsches and all, but Im not in their camp.  Not because of the boys club marketing schemes. Its just that I am not a rabid Porsche guy fanatic.  3. If I had 1% money, I am not sure Id be a Ferrari guy either.  After deep thought, I am more of a Ferrari guy than I am a Porsche guy.  But maybe not enough for me to fall for this kind of sales scheme either. 4.  Rolex...   I do like a Rolex.  But I am not one to boast about what kind of time piece Im wearing. So...nix me on that club as well. 5. It looks like I am aligned with you and @ccap41's take on this, but with me, I shrug it off.  I see why the companies want to go down this road. And I see why there are some people...rich people...that do not mind giving their monies away to these companies. And at the end of the day, its what makes them happy and superior to the rest of us as we do not have the time or money or will to buy into any of this. And kudos for them for buying into that lifestyle.    At the end of the day, whether we are talking about Ferrari or Porsche or Rolex, some of their product, past and present, have been REALLY REALLY EXCELLENT product. Whether we are talking about looks and style or engineering and technology, all 3 have styled and engineered awesomeness.  We could talk about their products that were failures, but wouldnt that signal some sort of sour grapes analogy on our part? Its a company's right to mold their brand image as they wish.   Whether we agree to it as individuals is irrelevant. What is relevant though is how collectively we ALL feel about it.  In Ferraris case its a huge success. Porsche and Rolex have to work on it just a tad more. But I feels its successful.  If there is a downfall for Porsche, I think it has more to do with their decisions to being a sports car maker ALONGSIDE being a (rich) family grocery getter/soccer mom SUV maker.  The failure of having two opposing identities is killing Porsche.  And it is a double edged sword.  On the one hand, if not for the SUVs, Porsche would have been gone by the early 2000s.  The inevitable was prolonged?  Rolex... Too many boutique time piece makers have propped up in the last 15 years that took their place in some areas of the really expensive realm.  Quartz time pieces keep on being a nuisance to them. This time around its the fashion watch trend. The name brand watch sellers like Michael Korrs and Hugo Boss and even Porsche that have taken some of Rolexes market share.  The advent of smart watches also hurts them.  So they decided to change it up in the sales realm.  Are there enough Rolex worshippers out there that will buy cheaper Rolexes or older models just to get that one highly anticipated limited edition time piece? Well...although watches are strictly fashion devices today, there are more than enough fashionable time pieces around for people to by-pass Rolex fandom.  Some have their own unique look to them and are sought after and some just emulate Rolex but watch brand snobs are too few today so Rolex has a steep hill to climb because most people that wear watches dont give a shyte what kind of watch you wear.  Unlike cars, car snobbery actually still exits...  Hence why Ferrari is still king of the douchiness and going on strong. Stronger than ever Id say.    
    • ccap41
      Random Thoughts Thread

      By ccap41 · Posted

      Happy (belated) Birthday @G. David Felt!
    • ccap41
      Porsche News: 2026 Porsche Cayenne Goes Electric with 1,084 Horespower

      By ccap41 · Posted

      Oh yeah, I forgot to even mention the wireless charging! That is also a game changer. It eliminates yet another thing people are afraid to change, plugging in. Yes, i realize it is EXTREMELY easy to do, but the anti-EV people love to point out "I don't want to have to plug in every night". It's just another thing to check off the list. 

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search