Aug 7, 2018

Elon Musk confirms Tesla may soon be going private

Elon Musk. Photo: Joshua Lott/Getty Images

In a follow up to a mid-day tweet, Tesla founder and CEO Elon Musk, confirmed to employees in a company email he is considering privatizing the company in the future at a price of $420 per share.

Why it matters: In his announcement, Musk described short-sellers and quarterly investor scrutiny as distractions for the company. Musk believes going private will help the company avoid such disturbance and make longer-term investment moves.

"I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible."
— Elon Musk

The backdrop: Musk and Tesla have been under public criticism for months behind the delay of the Model 3 car and lackluster earnings reports.

Musk holds nearly 20% of the company's stock. If the company goes private, Musk says employees would ideally still be able to retain their shares.

Go deeper

Kenan Thompson and Hasan Minhaj to headline White House Correspondents' Dinner

Kenan Thompson on "SNL" in 2018. Photo: Rosalind O'Connor/NBC via Getty Images

Kenan Thompson, the longest-tenured "Saturday Night Live" cast member, will host the White House Correspondents' Association dinner on April 25.

And Hasan Minhaj — host of Netflix’s "Patriot Act with Hasan Minhaj," and the entertainer at the 2017 dinner — will return as featured entertainer.

"Billions": Season 2020

Mike Bloomberg speaks at Hardywood Park Craft Brewery in Richmond, Va., on Saturday. Photo: James H. Wallace/Richmond Times-Dispatch via AP

Money alone can’t buy a presidential election, but it surely gets you VIP access.

Why it matters: Billionaire Michael Bloomberg is duking it out with Billionaire Donald Trump, often on Billionaire Jack Dorsey’s Twitter and in ads on Billionaire Mark Zuckerberg’s Facebook, all chronicled in Billionaire Jeff Bezos’ Washington Post. 

Biometrics invade banking and retail

Illustration: Eniola Odetunde/Axios

Banks have been quietly rolling out biometrics to identify customers — verifying them by their fingerprint, voice or eye scan — and retailers like Amazon are getting into the game.

Why it matters: These companies are amassing giant databases of our most personal information — including our gait, how we hold our cellphones, our typing patterns — that raise knotty questions about data security and privacy.