KCN: Tesla to go private

Elon Musk has become one of the world’s most prominent chief executives, and a billionaire several times over, by boldly making big bets on ideas that few others thought possible. He started a private rocket company that sends materials into space, and plans to send astronauts soon. He is creating machines to bore giant tunnels through the earth. And Tesla Inc., where he serves as chief executive, has succeeded in creating an Apple-like brand of electric cars. In a terse and cryptic Twitter post, he declared that he was ready to take Tesla private. The stock market that made his company worth over $60 billion wasn’t worth the hassle. Mr. Musk outlined a plan under which shareholders could be bought out for $420 a share — a 20 percent premium over the stock price after the company’s second-quarter earnings call last week — or they could remain as private shareholders. If the transaction got done at $420 per share, Tesla would be valued at just over $70 billion, making it the biggest deal in which a company is taken private.

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