Tesla Drama Continues: Goldman Had No Mandate When Musk Tweeted


“Goldman Sachs Group Inc. hadn’t been formally tapped as a financial adviser by Tesla Inc.’s chief executive officer when Musk revealed plans last week to take the automaker private and said he’d secured the funding for the transaction, according to people with knowledge of the matter. Musk said on Twitter late Monday that he’s working with Goldman Sachs and private-equity firm Silver Lake as financial advisers to take Tesla private. Such a statement from a public company CEO typically signals a formal agreement. And in a normal go-private process, a senior executive like Musk would have detailed plans from those advisers on funding sources before disclosing the take-private effort. ”

“Silver Lake appears to be in a similar situation. Reuters reported Monday that the firm hasn’t been hired as an adviser in an official capacity, and the Financial Times reported that Silver Lake was unaware of Musk’s plan when it was announced last week.”

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