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Elon Musk's latest big idea is daring even by his standards: He wants to turn Tesla into a private company.He stunned investors on Tuesday with a tweet saying he had already lined up the funding, and he told employees that it would relieve the electric car company of the "enormous pressure" of Wall Street's expectations.In a letter to Tesla workers that was posted on the company's blog, Musk called his idea the "best path forward.""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," he wrote.He also said trading its stock publicly "means that there are large numbers of people who have the incentive to attack the company." Musk has complained repeatedly about short-sellers, who profit when Tesla stock drops.Musk, the CEO and largest shareholder, said on Twitter that the private funding valued Tesla at 0 per share. Tesla is already the most valuable automaker in the United States.The early afternoon tweet sent Tesla stock spiking by almost 9%. Trading in Tesla was halted for more than an hour before Tesla posted Musk's letter to employees on its blog. It finished up 11%, at 9.The stock had climbed slightly earlier in the day after the Financial Times reported that Saudi Arabia has quietly built a big stake in the company.At first, Tesla had declined comment on Musk's tweet, even as he casually engaged Twitter followers with more posts about his plans.Musk said that he hoped all current investors would stay with Tesla even if it went private. He said he would create a special fund to allow that. Fidelity, the investment firm, has such a fund for its stake in SpaceX, a separate private company also run by Musk.He pledged to hold on to his stake in the company, about 20%, no matter what. He said he was "super appreciative" of Tesla shareholders, and vowed to "ensure their prosperity in any scenario."Tesla has burned through cash while struggling to produce the Model 3, its lowest-priced electric car. That has driven the stock lower and raised concerns about whether Tesla will need to sell more shares to pay for expansion. Musk has insisted Tesla has no such need.Musk has also clashed repeatedly with critics, especially investors who have taken short positions on the stock, meaning they benefit when the price falls. He clashed with analysts on a contentious call after Tesla reported earnings three months ago.Gene Munster, managing partner at Loup Ventures and a top tech analyst, said the odds that Musk will take Tesla private were about one in three. But he said the idea made a certain amount of sense."Musk does not want to run a public company," Munster wrote on his website. "His mission for Tesla (to accelerate the globe's adoption of sustainable energy) is both grand and long-term, making it difficult to accommodate investors quarterly expectations."It would cost about billion to take Tesla private at 0 per share. Before Musk's tweet, Tesla had a market value of billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable.In fact, Tesla has turned a narrow profit in only two quarters since it became a public company in 2010. Musk has vowed that the company will start turning a regular profit in the second half of this year.In a 2013 report, the SEC said companies can use social media outlets to announce important information, so long as they comply with regulations and "investors have been alerted about which social media will be used to disseminate such information."The SEC issued that report after Reed Hastings, the CEO of Netflix, used a Facebook post to congratulate Netflix's chief content officer on record-breaking viewership. Netflix stock moved higher as a result.Tesla said in a regulatory filing in 2013 that investors interested in keeping up with Tesla should follow Musk's account.The SEC declined comment on Musk's tweet.Musk has a history of outrageous behavior on Twitter.On April 1, amid rising market concerns about a cash crunch at Tesla, he tweeted an email announcing that Tesla would have to file for bankruptcy. The tweet was apparently an April Fool's joke.Musk also faced intense public criticism after he suggested in a tweet that one of the rescuers of the Thai soccer team trapped in a cave was a pedophile.He later deleted that tweet and apologized for that exchange, but at least one analyst suggested Musk needed to get off Twitter to restore investor confidence in the company.After Musk, the next largest shareholders in Tesla are the mutual fund giants T. Rowe Price and Fidelity, with stakes of more than 9% and 8%, respectively, according to Thomas Reuters Eikon.Scottish money manager Baillie Gifford, which recently urged Musk to focus less on tweeting and more on running the business, is the fourth-largest shareholder, with a nearly 8% stake. Chinese tech giant Tencent owns almost 5%.James Anderson, a Baillie Gifford fund manager who recently called out Musk's tweeting in an interview with Bloomberg, had no comment about Musk's tweets on Tuesday. Fidelity and T. Rowe Price also declined comment.— CNNMoney's Donna Borak contributed to this report.The-CNN-Wire 5277

ESCONDIDO, Calif. (KGTV) -- As San Diego County inches closer to finally being removed from the state’s watch list, it remains unknown what exactly that will mean for businesses that have been waiting to reopen indoor operations.“We have asked the state for guidance for what they think the policy will be, the process will be, for potentially reopening some of the entities that faced additional closures,” said County Supervisor Nathan Fletcher.In the meantime, some cities across the county have been working with businesses to ensure they can still operate outside during the challenging time. Some of those businesses appear to be thriving.“More people are coming out to eat, and as you can see, we’re already almost full here,” said Mia Davis, the owner of Mikko Sushi in downtown Escondido.Davis and her sister-in-law, Minky Jeon, opened Mikko Sushi in February, but just one month later they were forced to shut down indoor dining due to the rising COVID-19 cases across the county.They moved to take out orders only, a struggle for the new business owners.“We were devastated actually because we were just finally starting to build our clientele,” said Davis.Then the City of Escondido stepped in to help businesses move outdoors quickly and easily, making all the difference for business owners like Davis.“The City of Escondido went out of their way to help us,” she said. “They really helped expedite the permit process, and I didn’t have to pay any fees.”Davis told ABC 10News, she was not only able to keep her original staff employed, but Mikko Sushi became so busy with outdoor dining, that she had to hire more employees.“Every Friday night we have a big waiting list,” she said. “I’m thankful that local customers really been supporting us, and I can’t complain.”A walk down Grand Avenue in Escondido reveals how locals have embraced the opportunity to dine outside. The sight is something that brings Amber Tarrac, the Deputy Director of Economic Development for the City of Escondido, much joy.“We’re really happy and proud to be able to support our businesses in that way,” said Tarrac. “The city really took strong, swift action and worked with very closely with our Chamber of Commerce and Downtown Business Association to allow for and facilitate the permit process to allow for our businesses to operate outside. We expanded that to salons, to restaurants and other retail as well.”During a time where there are many uncertainties for small business owners, Davis said the opportunity to try something new and succeed is rewarding.“I’m thankful that our business is doing well during this pandemic, and I’m thankful for what the city did,” said Davis.The City of Escondido recently launched a grant program to help small businesses. Applications will be accepted through August 28th. Business owners can apply here. 2848

ENCINITAS, Calif. (KGTV) — The victims of Friday's deadly bluff collapse in Encinitas were identified Saturday, as officials reopened the beach but cautioned that the area remained active. Speaking to the press, Encinitas Lifeguard Captain Larry Giles said the site around the collapse will remain taped off from the public as crews continue to assess the stability of the rock."From what we've learned this morning ... the area's still active. [Geotechnical consultant] is concerned about the areas to the side of the current failure failing," Giles said. "The failure is not affecting the structures up top. Geotech is assuring us that is not a factor."RELATED: Three dead, two injured in north San Diego County bluff collapseA 30-foot by 25-foot slab of rock came crashing down onto Grandview Beach at about 3 p.m. Friday, killing one person and injuring four others. Two of those injured in the collapse later died of their injuries.Two of the three victims were identified as 35-year-old Anne Clave and 65-year-old Julie Davis.Officials moved a nearby lifeguard tower next to the site of the collapse as a safety precaution, Giles said. The beach, though, would reopen to the public Saturday, Giles said.Lifeguards will be posted nearby throughout the weekend as well.SATURDAY PRESS CONFERENCE:Moments after the collapse, beachgoers and lifeguards began sifting through the rubble to save those caught in the rocks' path."The lifeguard was there, adjacent to the incident, felt it, heard it. It just happened to take place outside of his peripheral, as he was watching the water it happened behind him," Giles told reporters. "He immediately got out of the lifeguard tower, called it in, sized it up, started requesting resources and engaged in doing rescue work."Other lifeguards in the area filtered in quickly along with fire crews from around the area."INTERACTIVE MAP: Most recent San Diego County bluff collapsesLifeguards warn beachgoers about hazardous areas of the beach's bluffs, Giles added. Though, lifeguards can only warn visitors and not forcibly remove them from being too close.The city recommends beachgoers stay 25 to 40 feet away from bluffs and exercise caution due to the cliffs' natural instability."This is a naturally eroding coastline so it does happen from time to time. This is an isolated incident ... at this location," Giles said. "Our hearts go out to the families and friends that were involved."RELATED: Encinitas bluffs are a trouble spot known to geologists 2506

ESCONDIDO, Calif. (KGTV) — Escondido Fire Department is working to identify potential patients who came into contact with a firefighter paramedic who has tested positive for coronavirus.Escondido Fire Department says it learned Sunday of a firefighter paramedic who tested positive for COVID-19. Several days earlier, the employee was in contact with other people who later tested positive as well, the department said.The firefighter had recently been at work but was asymptomatic at the time. The department is notifying all patients that may have been in contact with the employee.EFD says the firefighter is currently at home under quarantine and has very mild symptoms.Other EFD staff who were in contact with the firefighter at work have shown no symptoms, tested negative for COVID-19, and are being quarantined and monitored in accordance with CDC procedures."The health and safety of our community remains our highest priority. Please continue to follow Federal, State and County guidelines including social distancing if you must leave your home, and always practice good hygiene including thoroughly washing your hands,” Escondido Fire Chief Rick Vogt said. 1176

FALLBROOK, Calif. (KGTV) -- A 55-year-old man died Monday afternoon following a crash in Fallbrook, according to California Highway Patrol.The agency said the crash happened on East Mission Road west of Red Mountain Dam Drive around 1:16 p.m.CHP said a 47-year-old woman driving a Mustang drifted to the left into oncoming traffic, striking a Toyota Tacoma driven by the 55-year-old man.The driver of the Tacoma was taken to the hospital where he later died. The driver of the Mustang was also taken to the hospital for major injuries, CHP said.Officers later determined that the driver of the Mustang was under the influence of a drug. She was arrested before being released into the care of Palomar Medical Center, CHP said.The crash is under investigation. 767

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