2018-8-15 17:28 |
Elon Musk believes that Tesla should be taken private and he wrote a letter to the company last week, suggesting that he was serious about taking it off the public markets. The letter came shortly after he tweeted the same.
Now that it has become clear that the CEO wasn’t joking, it will be important to ask some serious questions about this move. For instance, how easy or difficult would it be for the CEO to do this. And if he does, will he consider the use of cryptocurrencies?
What Did Tesla Say?On August 7, Musk tweeted:
“Am considering taking Tesla private at $420. Funding secured.”
Just an hour later, he wrote a letter to his employees suggesting that he is genuinely considering this proposal. It is also interesting to note just who the potential backers are.
Haydar Haba from Andra Capital suggests that it could be done via a cryptocurrency. Andra Capital is currently raising $1 billion through Silicon Valley Coin. The currency will represent a group of 20 to 30 venture capital-backed startup firms, located primarily in the US and China, that will be chosen for their growth potential, as well as their likelihood to launch an IPO in the next few years. Though Haba suggests that Tesla doesn’t match the criteria because it is a publicly traded stock, Musk can still think about going the crypto route.
Haba said:
“I love Tesla, I love Elon Musk, and I think he should definitely consider the blockchain and tokenization of assets. We’d call it the Tesla Coin.”
Will Tesla Really Create a Cryptocoin?Considering that Musk has a reputation in the industry for innovation, he could make headlines for the crypto industry and help in creating a more positive perception around this concept. Financial firms are already exploring this option and Haba thinks that in 20 years, the concept of privately and publicly funded will vanish and only “high-quality tokenized offering” will be available.
It is important to note that the advent of blockchain in offering equity to investors will help in reducing costs, as well as time. According to Haba, transferring his shares in a private firm to someone else could take “90 days and $30,000.” However, with the help of tokens operated on a blockchain, this could happen in a fraction of time. He also added that the new coins generated via these companies would be backed by “real growth assets” instead of scarcity (like Bitcoin).
Musk is yet to take a decision.
Can Elon Musk Take Tesla Private Using Cryptocurrencies? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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