Submitted by lanstars on August 11, 2018
If Musk has a buyer willing to bid $420, what prevents a competitor from bidding $430...or more? Musk only owns 20% of the stock. So he can't stop a higher bid at a shareholder meeting. Musks tweet amounts to putting TSLA on the auction block with an opening bid of $420. If he doesn't have a written agreement at $420, he's all but invited a much lower opening bid from a competitor.