Tesla‘s board members are in crisis mode following CEO Elon Musk and his ongoing tweets about taking the company private, to the point where some members have lawyered up to guard themselves against legal vulnerabilities. These same board members are also telling Musk to stop talking about this private deal on social media, which appears he’s completely ignored.
Musk’s approach of financial strategy is unprecedented, and as a result of the publicity, Telsa is now facing multiple lawsuits from shareholders and independent members. The latter has hired law firm Paul, Weiss, Rifkind, Wharton & Garrison to address Securities and Exchange Commission’s statement of monitoring the private company deal. The firm will assist them with an official proposal from Musk to take Tesla private, which could turn into a “full-blown investigation” once SEC gets involved.