720億美元!馬斯克考慮溢價私有化特斯拉,不想因股價分心(附公開信)

720亿美元!马斯克考虑溢价私有化特斯拉,不想因股价分心(附公开信)

馬斯克突然動了要私有化特斯拉的念頭。

8月8日,特斯拉公司CEO埃隆·馬斯克(Elon Musk)發佈推特稱,正在考慮將特斯拉私有化,價格為420美元/股,用於私有化的資金已經敲定。

馬斯克稱,屆時,特斯拉的股東可以以420美元/股的價格出售股票,也可以選擇在特斯拉私有化後繼續持有特斯拉股權。

720亿美元!马斯克考虑溢价私有化特斯拉,不想因股价分心(附公开信)

特斯拉公司CEO埃隆·馬斯克。視覺中國 資料

據路透社,如果按照420美元/股的價格計算,那麼私有化交易對特斯拉給出的總對價約為720億美元。

當天交易收盤,特斯拉股票大漲11%至379.57元/股。

720亿美元!马斯克考虑溢价私有化特斯拉,不想因股价分心(附公开信)

馬斯克的推特

所謂私有化,通俗來講就是控股股東把小股東手裡的股份全部買回來,擴大已有份額,最終使這家公司退市。這類舉動,常被解釋為控股股東希望減少公眾公司的信批和盈利壓力,以更自由地按自己思路發展,也有公司的控股股東會在其認為股價遭嚴重低估時啟動私有化。

“我希望如果特斯拉變成私人公司,現在所有的股東都能夠保留。將會成立一個特別目的基金來幫助那些留在特斯拉的股東們。”馬斯克回覆自己的推特稱。有網友提問,一旦特斯拉私有化後,還可以進行投資嗎?馬斯克回覆稱,“可以,但流動性時間將限制在每六個月(交易一次)左右。”

據路透社報道,今年以來馬斯克持續遭受巨大壓力:將他的虧損的、負債的公司,變成一家盈利的高規格的企業,這一願景使得特斯拉的市值(約638.7億美元)已經超過了通用汽車(約540.5億美元)。

特斯拉現在還深陷馬斯克所說的“生產地獄”中,其新款車型Model 3的生產一再遭遇挑戰。

當天,特斯拉在其官網博客頁面發佈了馬斯克的公開信。

在信中馬斯克表示,最終的決定仍未作出,但考慮將特斯拉私有化的理由是創造一個讓特斯拉能夠最佳運營的環境。

“作為一家公眾性公司,我們受制於股價的猛烈波動,這會讓在特斯拉工作的人分心,他們都是特斯拉的股東。”馬斯克解釋稱,“作為上市公司,注重季度營收對特斯拉產生了巨大的壓力,令我們會做出一些對季度有效,但長期並不正確的決定。最後,就像是股票市場歷史上眾多被做空的股票,上市公司意味著大量的人(空頭)有動機來攻擊公司。”

馬斯克還在公開信中表示,特斯拉並不會和Space X合併。

馬斯克預計,在未來,一旦特斯拉進入更緩慢、更可預測的增長後,回到股票市場會更有意義。“根本上來說,我希望創造一個特斯拉可以最佳運營的環境,儘可能地避免注意力分散以及短期思維,並儘可能地減少投資者的變化,包括我們所有的員工。”

馬斯克目前擁有20%特斯拉的股權。如果特斯拉私有化,馬斯克稱交易完成後不會對其控制權有實質性變化。在推特上有網友提完馬斯克是否會持續擔任CEO,馬斯克回答表示沒有改變。

根據公開信,這項私有化的方案將由股東進行投票決定。

以下為馬斯克的公開信:

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.

今天早些時候,我宣佈我正在考慮以420美元/股的價格將特斯拉私有化。我想讓你們知道我的理由,以及為什麼我認為這是最好的前進道路。

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.

首先,這一切還沒有做出最終決定,但之所以這樣做,是為了創造特斯拉最佳的運營環境。作為一家上市公司,我們承受股價的劇烈波動影響,這對特斯拉所有人來說都造成很大的精力分散,因為他們都是特斯拉的股東。公眾也迫使我們注重季度收益,這給特斯拉帶來了巨大的壓力,令我們可能做出對某一季度正確的決定,但並非對長期戰略正確的決定。最後,作為股票市場歷史上被做空最嚴重的股票,上市意味著有大量的人(空頭)有攻擊公司的動機。

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.

我從根本上相信,當每個人都專注於執行力的時候,當我們能夠專注於我們的長期使命的時候,當沒有人為了獲得不當利益而損害我們正在努力實現的目標的時候,我們才是處於最佳狀態。

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.

對於特斯拉這樣的公司來說,這是一個長期的、具有前瞻性的任務。SpaceX就是一個很好的例子:它在操作上更有效率,主要原因是因為它是私有化人企業。這並不是說特斯拉在長期內私有化是合理的。未來,一旦特斯拉進入緩慢、更可預測的增長階段,回到股票市場可能會更有意義。

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

對於所有股東,包括我們所有的員工,這就是我所認為特斯拉私有化的原因和意義。

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.

首先,我計劃這麼做以便所有股東都有選擇權。要麼他們可以作為投資者留在私有化後的特斯拉,要麼他們可以以每股420美元的價格賣出,這比我們Q2季度季報後的收益(已經增加了16%)的股票溢價高出了20%。我希望所有股東都能留下來,但如果他們更願意被收購,那麼也能夠獲得良好的收益。

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.

第二,我的想法是所有特斯拉員工都是公司的股東,就像SpaceX公司一樣。如果我們私有化,員工仍然可以定期出售他們的股票並行使他們的期權。這將使你能夠收穫你一直在為其努力工作的公司而帶來的不斷增長的價值。

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.

第三,目的並非合併SpaceX和特斯拉。他們將繼續擁有獨立的所有權和治理結構。然而,特斯拉所設想的結構在很多方面與SpaceX的結構相似:外部股東和僱員股東有大約每六個月出售或購買的機會。

Finally, this 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.

最後,這並非將管理權集中在我手中。我現在擁有大約20%的公司股權,我認為交易完成後並不會有實質性的變化。

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.

根本上來說,我正在努力確保特斯拉可以在最佳狀態下運營,儘可能多地避免注意力分散和短期思維,並且儘可能少地改變我們所有的投資者,包括我們所有的員工。

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.

這項私有化的提案最終將通過股東投票來敲定。如果這項決定以我預期的方式結束,私有化的特斯拉最終將是我們所有人的巨大機會。無論哪種方式,未來都是光明的,我們將繼續戰鬥,以實現我們的使命。

Thanks, Elon

謝謝你們 伊隆馬斯克


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