Tesla Motors CEO Elon Musk suggested Sunday that he’s got a top-secret, mystery plan that could involve convincing the automakers’ shareholders that buying solar panel company SolarCity is financially sound.
“Working on Top Secret Tesla Masterplan, Part 2,” Musk tweeted. “Hoping to publish later this week.”
Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week.
— Elon Musk (@elonmusk) July 10, 2016
Musk bragged about a “secret Tesla Motors master plan” in 2006, which, he said, would “build sports car,” “use that money to build an affordable car,” and then “use that money to build an even more affordable car” and eventually “provide zero-emission electric-power-generation options.”
Musk’s most recent “master plan” comes as restless Tesla shareholders continue to complain about the soundness of the Tesla-SolarCity merger.
CtW Investor Group, which owns 200,000 shares in Tesla, said in June, the market’s “hostile reaction” to the SolarCity deal was induced, in part, by the group’s recognition that Donald Kendall, chief executive of investment management firm Kenmont, is the only person on the SolarCity board without deep-rooted ties to Musk.
“This is particularly questionable when six out of our seven board members have ties to SolarCity,” a CtW letter to Tesla noted. “This raises a serious question about whose interests the board is serving — the stockholders of Tesla or the stockholders of SolarCity.”
Other analysts suggest the move to buyout SolarCity, a company headed by Musk, is another example of Tesla’s pyramid scheme-style business operation.
Tesla’s proposed buyout of SolarCity is a “continuation of questionable behavior” by the electric vehicle company that could lead to its downfall, according to an analyst with a tech company research group.
“When a company’s executives misunderstand modern corporate finance and technology strategy, they can make profound miscalculations and errors of judgment; this will not be the last mistake Tesla’s management makes,” Salome Gvaramia, COO of Devonshire Research Group (DRG), told The Daily Caller News Foundation in June.
Investors are likely hoping that “Part 2” involves laying out details describing why the acquisition of the solar panel company makes financial sense.
They may also want some reassurances Tesla’s self-driving features are safe, especially a man was killed in May while using his Model S vehicle’s Autopilot function.
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