Elon Musk has hired Morgan Stanley to assist him in his potential bid to take Tesla Inc. private, according to a person familiar with the matter.
Morgan Stanley is advising Mr Musk, not the company, its board or a special board committee formed to evaluate a potential take-private proposal, said the person, who asked not to be identified because the matter is private. The bank suspended coverage of the stock on Tuesday without explanation.
Mr Musk, 47, shocked the financial world August 7 when the chief executive officer tweeted that he wanted to take the electric-car maker private and had “funding secured”. In a blog post, he later indicated that no such financing deal had been closed. The tweet has drawn a subpoena from the Securities and Exchange Commission, according to a person familiar with the matter.
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Read more:
Tesla puts bankers in a quandary over possible privatisation work
Struggling Musk could do worse than have Apple's Tim Cook lend a hand
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By adding Morgan Stanley to Goldman Sachs, Musk has tied up the top two merger advisers in the US this year. Both banks have been lead underwriters on most of the company’s stock and convertible debt offerings. Morgan Stanley is among Tesla’s 20 largest shareholders, with a 0.6 percent stake. Its Tesla analyst, Adam Jonas, has historically been one of the more bullish researchers of the stock.
The Palo Alto, California-based automaker didn’t immediately respond to a request for comment. A spokesman for Morgan Stanley declined to comment.
Tesla shares were little changed at $321.15 at 2.39PM (EST). After a roller coaster month in which they soared to almost $380 before falling back below $300, they are up 3.3 percent this year, best among US automakers.
Morgan Stanley and Goldman Sachs have longstanding ties to Mr Musk, who is also CEO of Space Exploration Technologies Corp. as well as Tesla’s chairman and largest shareholder. As of February 2017, Mr Musk owed Morgan Stanley $344.4 million in personal loans backed by his Tesla shares.
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich 1
Kimmich (27')
Real Madrid 2
Marcelo (43'), Asensio (56')
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
