I don't like the guy (and it's obvious from my comments), but this move is brilliant on so many levels.
The short sellers just got taken to the cleaners, badly.
By taking the company private, he's under less public and regulatory scrutiny.
It's probably easier for him to raise money privately, and there seems to be sufficient interest.
Tesla's employees, who are probably pretty much worn out, got a nice pay day.
And, of course... he's the hero again.
Edit
Pure speculation, but could it be that this announcement might actually backfire on the $420 price?
Tesla's is one of the most shorted stocks, ever. The short sellers stand to lose immensely, so they'll try to close their short position as quickly as possible, thereby driving the price up higher -- possibly higher than the $420.
The short sellers just got taken to the cleaners, badly.
By taking the company private, he's under less public and regulatory scrutiny.
It's probably easier for him to raise money privately, and there seems to be sufficient interest.
Tesla's employees, who are probably pretty much worn out, got a nice pay day.
And, of course... he's the hero again.
Edit
Pure speculation, but could it be that this announcement might actually backfire on the $420 price?
Tesla's is one of the most shorted stocks, ever. The short sellers stand to lose immensely, so they'll try to close their short position as quickly as possible, thereby driving the price up higher -- possibly higher than the $420.