马斯克致员工信:为什么考虑以每股420美元收购特斯拉

2018年08月08日 10:35  

特斯拉公布了一封《马斯克致员工信》,马斯克在信中称,今天早些时候,我宣布我正在考虑以每股420美元的价格收购特斯拉。我想让你知道我的理由,以及为什么我认为这是最好的前进道路。

马斯克表示,尚未作出最终决定,但这样做的原因在于为特斯拉创造最佳运营环境。正在努力实现一个结果,特斯拉可以在最佳状态下运作,尽可能多地分散注意力和短期思维,并且我们所有投资者(包括我们所有员工)的变化尽可能很小。

马斯克表示,作为一家上市公司让特斯拉受制于季度财报周期,这给特斯拉造成了巨大的压力,迫使公司不得不做出可能适合某个季度,但不一定适合长期的决策。

马斯克称,目的是让所有特斯拉员工都成为公司的股东,就像SpaceX一样。如果我们要私有化,员工仍然可以定期出售他们的股票并行使他们的选择权。他还表示,不是合并SpaceX和特斯拉,他们将继续拥有独立的所有权和治理结构,然而,特斯拉所设想的结构在很多方面与SpaceX结构类似:外部股东和员工股东大约每六个月就有机会出售或购买。

今日早些时候,马斯克在推特上表示。“我考虑以420美元的价格将特斯拉私有化。资金已经到位。”同时英国《金融时报》周二报道称,沙特王储穆罕默德-本-萨勒曼(Mohammed bin Salman)管理下的沙特阿拉伯的主权财富基金,已在特斯拉建立了3%至5%的股权,但没有透露具体的持股比例。以特斯拉目前的股价计算,这一持股的市值在17亿至29亿美元之间。

特斯拉股票在北京时间8月8日凌晨2:08分一度被暂停交易。而随后于3:46分恢复交易,并一度飙涨12.78%触及385.76美元。截止收盘特斯拉股价上涨10.99%报379.57美元,市值逼近650亿美元。

以下为全文:

特斯拉私有

2018年8月7日

以下电子邮件今天发送给特斯拉员工:

今天早些时候,我宣布我正在考虑以每股420美元的价格收购特斯拉。我想让你知道我的理由,以及为什么我认为这是最好的前进道路。

首先,尚未作出最终决定,但这样做的原因在于为特斯拉创造最佳运营环境。作为一家上市公司,我们的股票价格会受到剧烈波动的影响,这对于在特斯拉工作的所有人来说都是一个主要的分心,所有人都是股东。公开也使我们受到季度收益周期的影响,这给利特拉带来了巨大的压力,要求他们做出可能适合特定季度的决策,但不一定适合长期利益。最后,作为股票市场历史上最短缺的股票,公开意味着有大量的人有动机攻击公司。

我从根本上相信,当每个人都专注于执行,当我们能够专注于我们的长期使命,以及当人们没有不正当的激励措施来试图伤害我们所有人都想要实现的目标时,我们处于最佳状态。

对于像特斯拉这样具有长期前瞻性使命的公司来说尤其如此。SpaceX是一个完美的例子:它在操作上更有效率,这主要是因为它是私人拥有的。这并不是说特斯拉长期私有化是有意义的。在未来,一旦特斯拉进入一个较慢,更可预测的增长阶段,回归公共市场可能是有意义的。

以下是我所设想的私有对所有股东,包括我们所有员工的意义。

首先,我想对此进行构建,以便所有股东都有选择权。要么他们可以留在私人特斯拉的投资者,要么他们可以以每股420美元的价格买断,这比我们的第二季度财报(已经增加了16%)后的股价溢价20%。我希望所有股东都能留下来,但如果他们愿意被收购,那么这将使这一点能够以更高的价格发生。

其次,我的目的是让所有特斯拉员工都成为公司的股东,就像SpaceX一样。如果我们要私有化,员工仍然可以定期出售他们的股票并行使他们的选择权。这将使您仍然可以分享您所有人都在努力建立的公司不断增长的价值。

第三,目的不是合并SpaceX和特斯拉。他们将继续拥有独立的所有权和治理结构。然而,特斯拉所设想的结构在很多方面与SpaceX结构类似:外部股东和员工股东大约每六个月就有机会出售或购买。

最后,这与为自己积累控制无关。我现在拥有该公司约20%的股份,而且我并不认为在任何交易完成后会有很大差异。

基本上,我正在努力实现一个结果,特斯拉可以在最佳状态下运作,尽可能多地分散注意力和短期思维,并且我们所有投资者(包括我们所有员工)的变化都很小,尽可能。

这项私有化提案最终将通过股东投票最终确定。如果这个过程以我预期的方式结束,私人特斯拉最终将成为我们所有人的巨大机会。无论哪种方式,未来都非常光明,我们将继续奋斗以实现我们的使命。

谢谢,

埃隆

Taking Tesla Private

August 7, 2018

The following email was sent to Tesla employees today:

Earlier today, I announced that I’m considering taking Tesla private at a price of $420/share. I wanted to let you know my rationale for this, and why I think this is the best path forward.

First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.

I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve.

This is especially true for a company like Tesla that has a long-term, forward-looking mission. SpaceX is a perfect example: it is far more operationally efficient, and that is largely due to the fact that it is privately held. This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.

Here’s what I envision being private would mean for all shareholders, including all of our employees.

First, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%). My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium.

Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time.

Third, the intention is not to merge SpaceX and Tesla. They would continue to have separate ownership and governance structures. However, the structure envisioned for Tesla is similar in many ways to the SpaceX structure: external shareholders and employee shareholders have an opportunity to sell or buy approximately every six months.

Finally, his has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed.

Basically, 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.

This proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. Either way, the future is very bright and we’ll keep fighting to achieve our mission.

Thanks,

Elon

(金融界)

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