August 24 (Solar) – The CEO of Tesla Inc (NASDAQ:TSLA), Elon Musk, will be receiving advice from Morgan Stanley (NYSE:MS) with regard to his plan to take the US electric vehicles (EVs) maker private, Bloomberg reports.
A person familiar with the matter has told the news agency that Morgan Stanley will be advising just Musk and not the company or its board of directors. Bloomberg also notes that the investment bank suspended coverage of Tesla’s stock on Tuesday, without providing an explanation.
Morgan Stanley is a shareholder of the company with a 0.6% stake.
As previously announced, Musk has discussed the matter of taking Tesla private with the Saudi sovereign wealth fund, which already holds a stake of almost 5% in the company. The CEO tweeted a couple of weeks ago that he was being advised by Silver Lake and Goldman Sachs (NYSE:GS) on financial aspects.
Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson are serving as legal advisors, while Latham & Watkins LLP is the legal counsel of the special committee that was set up to evaluate the going-private proposal. Tesla has separately appointed Wilson Sonsini Goodrich & Rosati as its legal counsel.