While supporting three Empires: musk minute "Cliff walking a tightrope"-Thomas g, SpaceX and Tesla-IT information
April 29, Beijing time, SolarCity, Tesla and SpaceX three total $ 50 billion worth of the company, they have a common soul – Thomas g. How to ensure the development of the three companies? Tesla burnt 1.5 billion dollars last year, SpaceX and SolarCity is devouring cash monsters. Thomas g solution to financial difficulties is a little unusual: mortgage equity, loans to banks and loans to buy back shares, buying corporate bonds, used company money to support other enterprise development. This means giving some cause for concern.
Mr MASKEY
Recently, the Wall Street Journal published an article on financial operation carried out a detailed analysis of the musk, which reads as follows:
Starting from October 2014, SolarCity trying to attract retail investors to invest in its solar business, through the company's Web site to issue so-called "solar bonds (solar bonds)", total has earned 214 million dollars. For now, buying bonds is the largest rocket manufacturer space exploration technologies Corporation (Space Exploration Technologies Inc.), bonds issued $ 105 million last month, SolarCity, space exploration technologies Corporation accounted for $ 90 million.
Billionaire entrepreneur Mr MASKEY said in an interview, buying bonds is a "good investment." He thinks they understand them better than anyone else. Mr MASKEY is SolarCity's largest shareholder, is both Chairman of SolarCity and SpaceX CEO.
Mr MASKEY, 44 years old, he was not afraid to risk, go ahead and establish a unique business empire. He also lead SolarCity and SpaceX and Tesla, the three companies, which total $ 50 billion worth of the company. Thomas g industry because of his change, he said, once the SpaceX successfully launched a rocket to Mars several times in succession, he retired later in life on Mars, musk is no joke, he was serious.
In 2008, Mr MASKEY stood by the cargo capsule
Mortgage equity loan companies
All along, the musk are financial support for his own company, help them to develop their business, the technique he used is a bit unconventional.
Regulatory data shows that in addition to buying bonds, Mr MASKEY also use the line of credit to obtain $ 475 million funding, when SolarCity and Tesla needed financial backing, musk will pay for stock. The line of credit is secured, according to Wednesday's closing price, Thomas g collateral of SolarCity and Tesla shares worth 2.51 billion dollars.
Few executives in order to obtain a personal loan mortgage shares, because that would pose a threat to other shareholders, can also lead to clashes between executives ' interests and interests of the company. If the share price falls, the borrower may send a margin call notification, forcing executives to sell shares or increase collateral for repayment of the loan.
Tesla has revealed in a regulatory filing, received notification of margin--loan – it is entirely possible and musk, Tesla says: "notice may result in the company's share price to fall further. ”
Last year, Canada specialty Pharma Valeant's stock price had decreased by 14% in one day, as the company CEO maikeer·piersen (Michael Pearson) received a margin call notification, Pearson by his company holding equity loan of 100 million US dollars. In accordance with the notification requirements, the lender sold 1.3 million shares.
3 years of Tesla and SolarCity stock price chart
Financial manipulation controversy
Some corporate governance experts and analysts said musk with SolarCity and Tesla's stock as collateral to borrow large amounts of money, which itself has a problem, and now the two companies are already large, publicly traded companies, this issue more.
Unit Economics LLC, founder and senior analyst neisen·weisi (Nathan Weiss): "as an analyst, if the company or the management entities of direct loans, and with these entities and there is a personal or financial interest, I usually give them bright red. ”
Mr MASKEY said he has a lot of personal loans and financial operations between SolarCity and SpaceX and Tesla, is questioned about this behavior is "reasonable". In an interview, he also said: "a couple of times a company's performance much better than the other company I will borrow some money. "Musk to defend his conduct, he believes this is consistent with his philosophy:" If investors, morally I should put my money. I'm not supposed to tell someone to do something they are not willing to do. ”
"Tesla, SolarCity and SpaceX is like a pyramid, if one part of the problem, we don't want to trigger similar consequences like House of cards collapses, this is the most important. ”
Musk emphasized personal loans would not threaten shareholder because his personal assets worth more than 10 billion dollars, while loan assets under 5%. These assets do not include SpaceX shares, SpaceX, after all, is not listed. Mr MASKEY also said that if necessary, he would mortgage more of SpaceX and Tesla stock.
In the interview, Mr MASKEY told the media: "If you do receive a margin call notification, unable to pay the rate almost to zero. ”
Musk used stock as collateral loans
Musk's stock is worth?
Recently, Mr MASKEY's career was in the ascendant, and Bordeaux. Tesla has just released Model 3 electric vehicles, 7 days before 325,000 people book, every book needs to pay a $ 1000 deposit. Since 1925, in addition to the Tesla is not a United States automobile startups succeed.
On April 8 this year, SpaceX rocket landed in the Atlantic Ocean on a floating platform, this platform is controlled by GPS, landed for the first time in company history.
Tesla's latest proxy statement shows that Thomas g owns 37 million shares of Tesla stock, share 27%, according to Wednesday's closing price of US $ 9.36 billion. Regulatory data shows otherwise, Thomas g control of the 22% stake in SolarCity, a total of 21.8 million shares, according to Wednesday's closing price of us $ 726 million.
Earlier this year, SpaceX won the new round of financing, at the company's US $ 12 billion. Mr MASKEY SpaceX shares held and not released, Mr MASKEY also declined.
Mr MASKEY is Tesla's Chairman and CEO, he did not get paid. Last year, the total pay only $ 37584 musk, in line with California's minimum wage requirement, but he never received the money. SolarCity, musk's total compensation of $ 1.2 million, mostly of stock options, granted in stages the next 3 years. SpaceX to his salary of $ 2.4 million, according to insiders, this compensation included $ 38000 sum of wages, rest is stock.
Musk is Chairman of SolarCity
The attitude of investors: don't worry
In February, the ISS QuickScore (owned by Institutional Shareholder Services Department) has published a report, it found in the United States only 13% of the 3,000 largest public company executives or directors of mortgage equity access loan.
SolarCity and Tesla's stock is not stable, SolarCity has fallen 35% this year, from the end of December to February, Tesla lost 40%, has since rebounded. Mr MASKEY has indicated to the shareholders, he believed in the idea: the captain was the last to leave the boat. In the interview, Mr MASKEY said he has no intention of selling any of Tesla stock, even adding SpaceX shares as collateral.
VC firm Draper Fisher Jurvetson (Draper Fisher Jurvetson), founding partner of shidifen·youerweitesong (Stephen Jurvetson), musk's move and not a cause for concern. Draper Fisher Jurvetson is SpaceX, SolarCity and Tesla's early investors and a major investor. Youerweitesong think the musk's "passion is amazing," he also expressed appreciation for the dedication and foresight of musk. Youerweitesong is a Director of SpaceX and Tesla.
Musk's personal loans in line with shareholders ' best interests? Directors discussed around this? Youerweitesong responded by saying: "we do not intend to discuss this issue. "He added:" you should see the musk's stake. "As long as the musk's stake is less than 5%, there is no need to worry, you only need to concern. Mr MASKEY said he himself had set a 5% line.
There have been funding crisis
In 2002, Thomas g selling PayPal shares received $ 165 million Fund, he used the money to support development of SolarCity and SpaceX and Tesla. Right from the beginning, he used a startup money to help another company development.
By the end of 2008, Tesla appears in the financial crisis, as companies are unable to raise funds on the one hand, there is the new Roadster electric cars because of manufacturing delays. Fortunately, Tesla received $ 40 million in financing at the critical moment, Thomas g pledged $ 20 million of the money was his own.
Around the same time, SpaceX also because the development of rocket businesses money in an emergency. SpaceX and later United States space agency NASA signed a 1.6 billion dollar contract, things began to improve, SpaceX pledge launch 12 unmanned cargo spacecraft to the international space station.
In early 2009, the musk from SpaceX borrowed $ 20 million in his own name, he explained that the loan will not be used to finance Tesla.
Tesla went public in June 2010, musk has sold 1.4 million shares of Tesla stock, received $ 23.8 million, he used the money to pay SpaceX loan interest. Musk stressed that this was the only time he shipped the Tesla stock.
The beginning of 2013, as Molde s sedan dystocia, Tesla capital close to the red line, when cars due to engine defects and other problems is not making good progress. At the same time, SolarCity for expansion of solar panel lease business needs financial support.
New Tesla Model 3
Loans to buy shares
In order to resolve the funding dilemma, Thomas g increases the credit limit, for $ 85 million, before, later increased to $ 300 million. Thomas g to provide loans that Goldman Sachs and Morgan Stanley, which declined to comment.
Regulatory filings also showed that musk 9.5 million shares of Tesla stock as collateral, to increase credit lines, total musk in this part of the stock-holding 29%; used as collateral are not more than 6 million shares of SolarCity stock, which accounted for 29% of personal holdings.
May 2013 to October 2013, after getting loans with credit lines, Thomas g for taking part of the money to buy 100 million dollars worth of Tesla stock and $ 10 million SolarCity stock, the equivalent of injecting capital into the two companies. SolarCity spokesman said that musk's investment ratio is not high, because the size of the deal to $ 398 million.
Analysts say Tesla burn cash reserves of more than US $ 1.5 billion last year. Some analysts worry that the Model x SUV will delay delivery. Due to higher costs, nearly half of SolarCity cut its growth targets, companies rushed down. Investors also worried about SolarCity may not be able to continue to receive subsidies, but this ultimately did not happen. SolarCity spokesman responded that the reduction target because the company will focus on profit.
Last year, Tesla disclosed that musk would increase lines of credit to $ 475 million. Regulatory information, musk, bought $ 20 million of Tesla stock, $ 17.7 million SolarCity shares. In the interview, Mr MASKEY said buying stocks he and shareholders of the two companies are standing in a line, two facilities are not up to the credit limit of the 65%.
Buy SolarCity solar bonds
SpaceX has tried three times to buy SolarCity solar bonds issued by March 2015 invest 90 million dollars in June 2015, spent $ 75 million, last month spent $ 90 million to buy.
Analyst at Axiom capital management in New York gaodeng·yuehanxun (Gordon Johnson) thinks that most retail investors in solar energy have little interest in bonds, they do not want to purchase. SolarCity said bonds attracted investors throughout the United States in all 50 States.
Last November, SolarCity released 113 million dollars of convertible bonds, musk has an entity to invest $ 10 million to buy. SolarCity CEO lindeng·Lifu (Lyndon Rive) also bought a $ 3 million bond, Riverside, is the cousin of musk. Riverside, said buying bonds is a good investment, he said: "If you look at bonds with 5-year long-term perspective, I think it should return very well. ”
$ 105 million bond issue in March, SolarCity and SpaceX to swallow the $ 90 million. Mr MASKEY said last year, SpaceX has some maturity, SolarCity bonds can be used to replace, SpaceX has about $ 1 billion in cash positions, latest transaction brings about 10% return, return well.
Musk's financial manipulation caused the United States Capitol (Capitol Hill) concerns lawmakers worried that federal and SpaceX signed a contract to pay money into the SolarCity. According to people familiar with the matter said, SpaceX rocket project contracts received $ 3.2 billion in funds from the Government, legislators want to SpaceX to ensure that the money will not be used for the financing of SolarCity.
United States Congressman daoge·lanboen (Doug Lamborn) submitted an amendment this week to ban money musk of SpaceX SolarCity bond purchases. Provisions aimed at signalling to Mr MASKEY, told Congressional Republicans to pay close attention to his actions. Lamborn said their move is signalled, not to debate or to take real action. Mr MASKEY declined to comment. SpaceX press spokesman responded that the company's cash balances are not public funds. (Build/)
同时支撑三大帝国：马斯克分分钟“悬崖走钢丝” - 马斯克,SpaceX,特斯拉 - IT资讯
北京时间4月29日消息，SolarCity、SpaceX和特斯拉三家公司合计价值500亿美元，他们有一个共同的灵魂人物——马斯克。如何保证三家企业的发展？特斯拉去年烧掉了15亿美元，SpaceX和SolarCity也都是吞食现金的怪兽。马斯克解决资金困难的办法有点不同寻常：抵押股份，向银行贷款，然后用贷款回购公司股票，购买公司债券，用一家企业的钱支持另一家企业发展。这套手法引起一些人的担心。
马斯克
最近，《华尔街日报》刊文对马斯克的财务操作手法进行详细解读，全文如下：
从2014年10月开始，SolarCity千方百计吸引个人投资者向自己的太阳能业务投资，它通过公司网站发行所谓的“太阳能债券（solar bonds）”，总计已经获得2.14亿美元资金。到目前为止，购买债券最多的是火箭制造商太空探索技术公司(Space Exploration Technologies Inc.)，上个月SolarCity发行1.05亿美元债券，太空探索技术公司占了9000万美元。
亿万富翁、企业家马斯克在接受采访时表示，购买债券是一项“很棒的投资”。他认为自己比其它任何人都更加了解这些公司。马斯克是SolarCity的最大股东，既是SolarCity董事长又是SpaceX CEO。
马斯克现年44岁，他无惧风险，勇往直前，建立了一个独特的商业帝国。他同时领导SolarCity、SpaceX和特斯拉三家公司，这些公司合计价值500亿美元。凡是马斯克进入的行业都因他而改变，他曾经说过，一旦SpaceX连续多次成功发射火箭到火星，他退休后会在火星上生活，马斯克没有开玩笑，他很认真。
2008年马斯克站在货运太空舱旁
抵押股份贷款发展公司
一直以来，马斯克都在为自己的公司提供资金支持，帮助它们发展业务，他所采用的手法有点不合常规。
监管资料显示，除了购买债券，马斯克还利用个人信贷额度获得4.75亿美元资金，当SolarCity和特斯拉需要资金支持时，马斯克就会掏钱购买股票。这些信用额度是有担保的，按周三的收盘价计算，马斯克用于抵押的SolarCity和特斯拉股票价值25.1亿美元。
很少有高管为了获得个人贷款抵押股份，因为此举会对其它股东构成威胁，还会导致高管个人利益和公司利益发生冲突。如果股价下跌，借款方可能会发送追加保证金的通知，迫使高管出售股票或者增加抵押品，以便偿还贷款。
在监管文件中特斯拉曾经披露称，收到追加保证金的通知——和马斯克的贷款有关——是完全可能的，特斯拉认为：“通知可能会导致公司股价进一步下跌。”
去年，加拿大专业制药公司Valeant的股价曾经在一天之内下跌14%，因为公司CEO迈克尔·皮尔森(Michael Pearson)收到了追加保证金的通知，皮尔森用自己持有的公司股票贷款1亿美元。按照通知规定，贷款方出售了130万股股票。
3年来特斯拉与SolarCity的股价变化图
财务操作手法存在争议
一些公司治理专家和分析师认为，马斯克用SolarCity和特斯拉的股票作为抵押品借入大量资金，这种做法本身就有问题，现在这两家公司已经是大型上市公司，这样做问题更大。
Unit Economics LLC创始人、高级分析师内森·韦斯（Nathan Weiss）认为：“作为一名分析师，如果公司或者管理层在实体之间直接贷款，而他们与这些实体又存在个人或者财务上的利益关系，我一般会给他们的行为亮红牌。”
马斯克称，他拥有大量个人贷款，还在SolarCity、SpaceX和特斯拉之间进行财务操作，大家对这种行为存在质疑是“合理”的。他还在接受采访时表示：“有几次一家公司的业绩比另一家公司好很多，我会借一些钱。”马斯克为自己的行为进行辩护，他认为此举符合自己的哲学：“如果投资者投资，从道义上讲我也应该一起投钱。我不应该要求别人去做自己都不愿意做的事。”
“特斯拉、SolarCity和SpaceX如同一个金字塔，如果当中的一个部分出现问题，我们不希望引发类似纸牌屋一样的崩塌后果，这才是最重要的。”
马斯克强调个人贷款不会威胁股东，因为他的个人总资产净值超过100亿美元，而用于借贷的资产不到5%。上述资产还不包括SpaceX持股，毕竟SpaceX还没有上市。马斯克还说，一旦有必要，他随时可以抵押更多的SpaceX或者特斯拉股票。
在采访中，马斯克告诉媒体：“如果真的收到了追加保证金的通知，无法支付的机率几乎为零。”
马斯克用股票作抵押贷款
马斯克的股票值多少钱？
最近一段时间，马斯克的事业如日中天，连连报捷。特斯拉刚刚发布Model 3电动汽车，前7天就有32.5万人预定，每位预定者需要缴纳1000美元订金。自1925年以来，除了特斯拉还没有大型美国汽车创业公司成功过。
今年4月8日，SpaceX火箭成功降落在大西洋海面一个漂浮的平台上，这个平台由GPS控制，在公司历史上成功降落还是第一次。
特斯拉最新的代理声明显示，马斯克拥有3700万股特斯拉股票，比重27%，按周三的收盘价计算值93.6亿美元。另有监管资料显示，马斯克控制了SolarCity 22%的股份，合计2180万股，按周三收盘价计算值7.26亿美元。
今年年初时SpaceX曾经获得新一轮融资，当时公司的价值为120亿美元。马斯克持有多少SpaceX股份并没有公开，马斯克也不愿意透露。
马斯克既是特斯拉董事长又是CEO，他没有拿工资。去年，马斯克的总薪酬只有37584美元，符合加州最低工资要求，但是他从没有接受这笔钱。在SolarCity，马斯克的总薪酬为120万美元，大多是股票期权，未来3年分期授予。SpaceX给他开出的薪酬为240万美元，据知情者透露，这笔薪酬包括38000美元的工资，剩下的全是股票。
马斯克是SolarCity董事长
投资者的态度：不担心
2月份，ISS QuickScore（Institutional Shareholder Services旗下部门）曾经公布一份报告，它发现在美国3000家最大的上市公司中只有13%的高管或者董事抵押股票获得贷款。
SolarCity和特斯拉股票并不稳定，今年以来SolarCity股价下跌了35%，从12月底到2月份，特斯拉股价下跌40%，随后有所反弹。马斯克已经向股东表明态度，他信奉一种理念：船长应该是最后一个离船的。在采访中，马斯克声称自己无意出售任何特斯拉股票，甚至还会增加一些SpaceX股票作为抵押品。
风投公司德丰杰(Draper Fisher Jurvetson) 创始合伙人史蒂芬·尤尔韦特松（Stephen Jurvetson）认为，马斯克的举动并没有引起人们的担忧。德丰杰是SpaceX、特斯拉和SolarCity的早期投资者和主要投资者。尤尔韦特松认为马斯克的“激情是惊人的”，他还对马斯克的奉献和远见表示赞赏。尤尔韦特松是SpaceX和特斯拉的董事。
那么马斯克的个人贷款符合股东的最佳利益吗？董事是否围绕此事进行过讨论？尤尔韦特松回应称：“我们无意讨论这个问题。”他进一步补充说：“你应该看看马斯克的持股比例。”只要马斯克的持股份额不到5%，就没有必要担心，只需要关注就可以了。马斯克称他自己已经设定了5%的红线。
曾经出现过资金危机
2002年，马斯克出售PayPal股份获得1.65亿美元资金，他用这笔钱支撑SolarCity、SpaceX和特斯拉的发展。从一开始，他就用一家创业公司的钱来帮助另一家公司发展。
2008年年末，特斯拉出现了财务危机，一方面是因为公司无法融到资金，还有就是新推出的Roadster电动汽车因为制造问题推迟上市。幸好特斯拉在关键时刻获得4000万美元融资，马斯克承诺出资2000万美元，这些钱是他自己的。
大约在同一时刻，SpaceX也因为发展火箭业务资金告急。后来SpaceX与美国航天局签署价值16亿美元的合同，情况才有所好转，SpaceX承诺发射12个无人驾驶货物太空舱前往国际空间站。
2009年年初，马斯克以个人名义从SpaceX借款2000万美元，他解释说这笔贷款不会用来资助特斯拉。
特斯拉于2010年6月上市，马斯克曾出售140万股特斯拉股票，获得2380万美元，他用这笔钱支付SpaceX贷款利息。马斯克强调称，这是他唯一一次出货特斯拉股票。
2013年年初，由于Molde S轿车难产，特斯拉资金接近红线，当时汽车因为发动机缺陷及其它问题进展很不顺利。就在同一时间，SolarCity也因为扩张太阳能面板租赁业务需要资金的支持。
新发布的特斯拉Model 3
用贷款购买股票
为了化解资金困局，马斯克增加了信用额度，之前为8500万美元，后来增至3亿美元。向马斯克提供贷款的是高盛和摩根士丹利，它们拒绝置评。
监管文件还显示，马斯克将950万股特斯拉股票作为抵押品，用于提高信用额度，这部分股票占马斯克总持股的29%；用作抵押的还有不超过600万股的SolarCity股票，它占了个人持股的29%。
2013年5月至2013年10月，利用信用额度获得贷款资金后，马斯克抽出部分钱购买了1亿美元的特斯拉股票和1000万美元SolarCity股票，相当于向这两家公司注资。SolarCity新闻发言人称，马斯克的投资比例并不高，因为当时的交易规模达到3.98亿美元。
分析师指出，去年特斯拉烧掉的现金储备超过15亿美元。一些分析师担心Model X SUV会延迟交货。由于成本上升，SolarCity将增长目标下调近半，公司股价闻讯下跌。投资者还曾担心SolarCity可能无法继续获得补贴，但此事最终没有发生。SolarCity新闻发言人回应称，之所以下调目标是因为公司将重点放在盈利上。
去年，特斯拉披露称马斯克将个人信贷额度提高到4.75亿美元。监管资料显示，马斯克购入了2000万美元特斯拉股票，1770万美元SolarCity股票。在采访中，马斯克声称购买股票说明他和两家公司的股东是站在一条线上的，两笔贷款都没有达到信用额度的65%。
购买SolarCity太阳能债券
SpaceX曾经三次购买SolarCity发行的太阳能债券，2015年3月投入9000万美元，2015年6月投入7500万美元，上个月又花了9000万美元购买。
纽约Axiom资本管理公司分析师高登·约翰逊（Gordon Johnson）认为，大多的零售投资者对太阳能债券兴趣不大，他们不愿意购买。SolarCity声称债券吸引的投资人遍及美国所有50个州。
去年11月，SolarCity发行1.13亿美元可转换债券，马斯克所拥有的一家实体机构投资1000万美元购买。SolarCity CEO林登·里弗（Lyndon Rive）也购买了300万美元债券，里弗是马斯克的堂兄。里弗称，购买债券是一项很好的投资，他还说：“如果你用5年的长远眼光看待债券，我想它的回报应该很不错。”
在3月份 SolarCity发行的1.05亿美元债券中，SpaceX吞下了9000万美元。马斯克解释说，去年SpaceX有一些债券到期，SolarCity债券刚好可以用来更替，SpaceX拥有大约10亿美元现金头寸，最新的交易可以带来大约10%的回报，收益比较不错。
马斯克的财务操纵手法引起了美国国会山（Capitol Hill）的担忧，立法者担心联邦与SpaceX签署合约支付的钱会流入SolarCity。据知情人士透露，SpaceX火箭项目从政府合同中获得32亿美元资金，立法者希望SpaceX确保这些钱不会用来资助SolarCity。
美国众议员道格·兰伯恩（Doug Lamborn）本周提交一份修正案，要求禁止马斯克用SpaceX的钱购买SolarCity债券。条款的目的在于向马斯克发出信号，告诉他国会共和党人士密切关注他的举动。兰伯恩称，他们的举措主要是发出信号，并非为了引起争论或者采取实际行动。马斯克不予置评。SpaceX新闻发言人回应称，公司的现金余额并非公款资金。（编译/）