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As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.
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Thursday Aug 16, 2018
Elon Musk's Twitter steers Tesla into trouble
Thursday Aug 16, 2018
Thursday Aug 16, 2018
In this week's Business Extra Chris Nelson and Andy Scott discuss Elon Musk's increasingly erratic behaviour. The maverick billlionaire and CEO of Tesla tweeted this week that he was considering taking his company private - a move that has caught the attention of the Securities and Exchange Commission.
The mercurial genius may have been the inspiration for Robert Downey Jr.'s Iron Man but right now he would do well to avoid the limelight. He tweeted that he planned take Tesla private at $420 a share, valuing the company around $72 billlion, a 20 per cent premium on the share price that day.
As the car company has only posted two quarterly profits since its float eight years ago and last year lost over $2 billion it is not certain who has that much faith in Mr Musk.
The current currency volatility in emerging markets and the British pound are also under the microscope.