Tesla forms committee to assess privatization

Tesla's board of directors formed a special committee to evaluate CEO Elon Musk's wish to take the company private, the company said Aug. 14.

The committee, which has yet to receive a formal proposal about privatization from Mr. Musk, comprises three independent directors: Brad Buss, Robyn Denholm and Linda Johnson Rice. The committee tapped Latham & Watkins as its legal counsel and plans to bring on an independent financial adviser.

The committee will be tasked with approving any formal proposal from Mr. Musk to take Tesla private. On Aug. 7, Mr. Musk tweeted that he is considering taking his company private once shares reach $420. The committee expects to provide an update on the company's possible privatization as soon as practicable, the board said.

Mr. Musk tweeted on Aug. 13 that Goldman Sachs and Silver Lake were involved in conversations about making Tesla private, according to CNBC.                          

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