Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Amazon.com    AMZN

AMAZON.COM

(AMZN)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Tesla investor says SEC asked it about 'funding secured' tweet

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/12/2018 | 02:42pm EST
FILE PHOTO: Tesla Motors CEO Musk speaks during the National Governors Association Summer Meeting in Providence

LONDON (Reuters) - Tesla Inc biggest institutional investor said on Wednesday it was questioned by U.S. securities regulators about Elon Musk's now-abandoned plans to take the electric carmaker private and that the chief executive needed help running the company.

"He needs help, and I mean that psychologically as much as practically," said asset manager Baillie Gifford's James Anderson, the fund manager of Scottish Mortgage Investment Trust, which owns Tesla shares.

Anderson told Reuters he has talked with Musk about the idea of bringing in another executive. Analysts have been calling for Tesla to add a chief operating officer or other new blood to top management.

Tesla, whose shares were up 3.1 percent in afternoon trading after earlier being up 4.5 percent, could not immediately be reached to comment. SEC officials also could not immediately be reached.

The last few months have been tumultuous and chaotic for Tesla and its eclectic CEO. While Tesla was wrestling to ramp up production of its mass-market electric Model 3 sedan, on Aug. 7 Musk tweeted that he was considering taking the company private at $420 per share and that funding was "secured."

On the evening of Aug. 24, a Friday, Musk, by then facing U.S. Securities and Exchange Commission scrutiny into the factual accuracy of his financing tweet, blogged that Tesla would remain public, citing investor resistance.

Musk was "getting there" on the idea of accepting more help in running the company, Anderson said.

Anderson said that he had suggested to Musk his tweets are "not a great thing" and added that the firm had been talking to the SEC about Musk's proposal and financing claims.

"I don’t know what they’ll do with him, but there’s no implication that we’ve done anything wrong," Anderson said in an interview at the firm's London office. "I think quite naturally they wanted to know whether major shareholders had any lead indication or knowledge of the tweet about ‘funding secured.’"

The next two largest Tesla institutional shareholders, T. Rowe Price Group and Fidelity Investments, both declined to comment on whether they have spoken with the SEC about Tesla.

Anderson said he had spoken with Musk twice and was arranging to speak with the company's board.

Anderson added that the media coverage around the going-private comments has not shaken his belief in Tesla or its "extraordinary" CEO.

"We think there is a decent chance that they can prove to be an extremely profitable, competitively advantaged company which will produce high returns," Anderson said.

Musk has said that Tesla should become profitable in the second half of the year.

Tesla may need to raise more capital and would have a better idea of its needs in the next few months, Anderson said, adding he would support such a move.

(Reporting by Simon Jessop, Additional reporting by Nick Carey in Detroit, Ross Kerber in Boston and Katanga Johnson in Washington, Writing by Ben Klayman in Detroit; Editing by Meredith Mazzilli)

By Simon Jessop

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM -0.91% 1607.95 Delayed Quote.7.06%
T. ROWE PRICE GROUP 0.25% 97.58 Delayed Quote.5.70%
TESLA 1.35% 307.88 Delayed Quote.-7.49%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AMAZON.COM
02/18AMAZON COM : Exit Could Have Repercussions on Long Island
DJ
02/18AMAZON COM : As Amazon Snubs New York, It Is Growing in 17 Other Cities
DJ
02/18AMAZON COM : Second Spectrum and L.A. Clippers Select Amazon Web Services as Off..
AQ
02/16AMAZON COM : Leaves New York but Not the Spotlight
DJ
02/16AMAZON COM : Leaves New York but Not the Spotlight
DJ
02/15AMAZON COM : New York Project Foundered on Labor Organizing, Opposition to Subsi..
DJ
02/15AMAZON COM : invites Ocasio-Cortez for tour, calls worker claims untrue
RE
02/15AMAZON COM : What New Yorkers Didn't Sell to Amazon
DJ
02/15AMAZON COM : Pivot Raises Scrutiny of Incentive Deals
DJ
02/15AMAZON COM : Invests in Electric-Car Maker Rivian
DJ
More news
Financials ($)
Sales 2019 275 B
EBIT 2019 17 613 M
Net income 2019 13 940 M
Finance 2019 35 040 M
Yield 2019 -
P/E ratio 2019 59,35
P/E ratio 2020 41,24
EV / Sales 2019 2,74x
EV / Sales 2020 2,25x
Capitalization 790 B
Chart AMAZON.COM
Duration : Period :
Amazon.com Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMAZON.COM
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 2 048 $
Spread / Average Target 27%
EPS Revisions
Managers
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Tom A. Alberg Independent Director
Thomas O. Ryder Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AMAZON.COM7.06%789 830
WAYFAIR INC35.56%11 032
QURATE RETAIL INC11.99%9 828
ETSY INC14.90%6 584
B2W COMPANHIA DIGITAL12.61%5 853
MONOTARO CO.,LTD.-6.39%5 343