The Market Ticker - Oooh, That Musk(y) Smell!
If you don’t live under a freeway overpass you probably know that Musk yesterday, during the time the market was open, claimed an intent (sort of) to take the company private and claimed he had the “funding secured.”
Now let’s look at the math. At $420, the claimed “price” he said he had set up, this is a roughly $80 billion transaction. To do it he would have to get enough to reach the 50% control threshold, minimum. Musk owns about 20% of the company, so that means he would need to fund roughly $20-25 billion) to buy up 30% more shares. But, the company is registered in Delaware (as are most public firms) so there’s a potential fly in the ointment there in terms of corporate law; he might need to actually acquire a majority…….
(Click link to read more)
Source: https://www.market-ticker.org/akcs-www?post=233949
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