Many of the bankers, as well as Musk’s equity backers, had no heads-up from Musk’s camp that the filing was coming.
It isn’t the first time billionaire Tesla founder Elon Musk burnt his investment bankers on deals, and it may not be the last.saying he was walking away from his $US44 billion agreement to buy Twitter
Many of the bankers, as well as Musk’s equity backers, had no heads-up from Musk’s camp that the filing was coming, with one person saying that, for legal reasons, the group in the know was kept small. Another person noted that the deal was now effectively a one-man show. Banks and other advisers could still get a small fee even if the deal dissolves – but probably only a fraction of their take if it closed.Even though they said Musk had lost some credibility, most of the bankers, who didn’t want to be identified, said they would jump at the chance of working with him again.
Tesla, which has a market value of almost $US780 billion, could also pursue transactions, whether it’s MA or debt financing. Musk’s futuristic brain-computer interface start-up Neuralink has also been in fundraising mode and has attracted more money than other companies in the field. Meanwhile, his tunnelling start-up, Boring Co, was valued at $US6 billion in April.
Some of the advisers were relieved at the prospect of getting off the hook for the billions of dollars they agreed to lend Musk.
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