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국제법 연구자료로 상장기업의 단점을 비상장회사 보다 자유롭지 못하고 규제가 많다고 토로한 미국 테슬라 오너인 일론 머스크의 입장을 빌려 확인합니다.
그는 투자자들의 경영간섭으로 기존 프로젝트 진행이나 신규사업을 진행하는데 많은 어려움을 토로했습니다.
그러나 일반적으로 비상장 기업인들은 회사가 상장되면 성공한 것으로 평가되고, 공식적으로 주식을 통한 투자를 유치할 수 있는 장점이 있기 때문에 상장을 시키려고 노력합니다.
상장기업은 분기별 실적을 제출해야 하고, 기업지배구조에 대해 엄격한 규제를 받게 됩니다.
그리고 공매도 세력에 영향을 받게 됩니다. Vulture 펀드가 고수익을 달성하려고 비공개 자료들을 언론에 공개하거나, 헤지펀드들은 단기적 고수익만 목적으로 하고 기업을 지속성장시킬 안을 마련하지 않는 등 상대적으로 경영이 자유로운 비상장회사 보다 규제가 많습니다.
한국의 예로 현대차그룹의 지배구조 개편을 무산시킨 엘리엇이 현대차에 합병 등 새로운 지배구조개편안을 제안해 현대모비스의 AS부문을 떼서 현대차와 합병시키고, 남아있는 모비스를 글로비스와 합병시키라고 요구하고, 한국 자본시장법에 기업의 중요사안을 특정 주주에게만 알려주는 것을 규제해 외부로 공개되지 않아야 할 내용을 특정 외신을 통해 공개하기도 합니다. 일감 몰아주기와 규제를 해소하려는 표면상 취지 뒤에 해지펀드들의 가치를 올리려는 의도가 있을 수 있습니다.
2018년 8월 7일. 미국의 일론 머스크(Elon Musk)가 트윗한 것을 참고하면, 미국은 상장회사가 상장폐지를 하게 되면 미국 증권거래위원회(SEC)가 위법여부 확인을 위해 회사의 임원들을 소환해 조사하고, 직접 투자자들로 부터 불이익을 당하게 됨에도 불구하고 엘론 머스크 회장이 상장폐지를 하려는 이유는 공매도 세력들의 운영간섭이 많기 때문인데, 하지만 주주들이 반대하면 최고경영자도 어쩔수 없이 비상장회사로 갈 수 없습니다.
테슬라가 주식을 비공개로 전환하는 안을 검토한다고 발표한 이유는 외부의 영향을 받지 않도록 하기 위한 조치로 공매도 세력을 견제하기 위한 것으로 투자자들의 영향을 받게 되는 상장회사는 분기별 실적을 보고하는 것이 해당 분기에는 옳은 결정일지 몰라도 장기적으로는 꼭 옳다고 할 수 없다며, 투자자들이 테슬라에 엄청난 압력을 가한다면서 일론 머스크(Elon Musk)의 다른 기업인 우주탐사업체 ‘스페이스 엑스(SPACE X)’ 가 훨씬 효율적으로 운영되는 이유는 비상장 회사이기 때문이라고 하였습니다.
테슬라를 주당 420달러(약 47만원)에 비공개회사로 만드는 것을 검토하고 자금을 확보했다는 트윗을 남긴 일론 머스크(Elon Musk)는 직원들에게 상장폐지 계획은 테슬라가 자유로운 운영을 할 수 있는 환경을 만들기 위한 것이며 최종 결정은 주주들의 투표로 결정될 것이라고 했습니다.
Elon Musk has become one of the world’s most prominent chief executives, and a billionaire several times over, by boldly making big bets on ideas that few others thought possible.
He started a private rocket company that sends materials into space, and plans to send astronauts soon. He is creating machines to bore giant tunnels through the earth. And Tesla Inc., where he serves as chief executive, has succeeded in creating an Apple-like brand of electric cars.
Through it all, he has shown a maverick — some would say arrogant — management style. On Tuesday, he may have outdone himself.
In a terse and cryptic Twitter post, he declared that he was ready to take Tesla private. The stock market that made his company worth over $60 billion wasn’t worth the hassle.
“Am considering taking Tesla private at $420,” he wrote. “Funding secured.”
Tesla’s stock was already up sharply on a report that Saudi Arabia was taking a sizable stake in the company. But investors were left to puzzle out the implications of Mr. Musk’s proposition, its relationship to the Saudi report, and even the authenticity of the tweet. And so, starting at 12:48 p.m., the market that Mr. Musk threatened to forsake went into a frenzy.
At 2:08 p.m., with shares up more than 7 percent for the day, trading was halted pending news — news that finally came shortly before 3:30.
“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,” Mr. Musk said in a statement to Tesla employees that was released by the company. He cited the demands of the quarterly earnings cycle and the damage wrought by investors who are betting against the company.
“I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve,” the statement said.
Mr. Musk said that no final decision had yet been made about taking the company private, and that any such proposal would have to be approved by shareholders.
He outlined a plan under which shareholders could be bought out for $420 a share — a 20 percent premium over the stock price after the company’s second-quarter earnings call last week — or they could remain as private shareholders.
“This has nothing to do with accumulating control for myself,” he wrote. “I own about 20 percent of the company now and don’t envision that being substantially different after any deal is complete.”
Tesla trading resumed 15 minutes before the end of the trading session, and the shares added to their gains, closing at $379.57, up 11 percent.
Mr. Musk did not elaborate on any sources of financing to take Tesla private. The announcement followed a report that the Public Investment Fund of Saudi Arabia had acquired a stake in the company.
A person briefed on the matter, who was not authorized to speak publicly about the deal, said the Saudi fund had taken a stake of less than 5 percent.
The Financial Times reported that the shares had been acquired for the fund in the secondary market with the help of JPMorgan Chase. The bank declined to comment.
If the transaction got done at $420 per share, Tesla would be valued at just over $70 billion, making it the biggest deal in which a company is taken private.
Although Tesla has become the most valuable American car company, it has yet to turn an annual profit since its founding in 2003. And its chief executive, a 47-year-old native of South Africa, has come under increasing pressure as he has scrambled to increase production of the Model 3, a midsize sedan that he is counting on to drive up revenue and enable the company to become profitable.
Still, this is not the way multibillion-dollar leveraged buyouts are typically announced. Companies would normally line up banks, private equity firms or other deep-pocketed investors to agree in advance to provide money to finance the purchase of shares.
Officials representing a number of large banks and investment funds said on Tuesday that they had not talked with Tesla about financing a buyout, although it is possible the company had secured funding from other sources.
Mr. Musk’s comments on Tuesday — mentioning the specific price of a possible buyout and declaring that Tesla had already arranged funding — were virtually guaranteed to send the shares flying. Still, while it was unusual for a chief executive to make a market-moving announcement on Twitter, there is nothing improper about it on its face.
In 2013, the Securities and Exchange Commission said it was permissible for companies, and people acting on their behalf, to make announcements using social media platforms like Twitter and Facebook. It said companies had to alert investors in advance that those would be channels for important corporate news. And Tesla did so, in a filing in 2013.
But the S.E.C. has also advised that intentional releases of market-moving information on social media platforms or websites must be accompanied by a simultaneous release to the broader public. The delay between Mr. Musk’s tweet and Tesla’s corporate announcement could be of interest to the S.E.C., said Michael Liftik, a former deputy chief of staff at the commission who is now a partner at the law firm Quinn Emanuel Urquhart & Sullivan.
“Simultaneously really means simultaneously,” he said. And he said a tweet would be held to the same standard of factuality as a news release.
Others pointed out that Mr. Musk’s tweet could have opened his company up to legal exposure from investors with financial incentives to sue.
“What they have to show is there was a material misstatement, in these loose statements, by Mr. Musk,” said John C. Coffee Jr., a professor at the Columbia Law School’s Center on Corporate Governance. Mr. Coffee said the statement “funding secured” could be a legal gray area where plaintiffs’ attorneys see an opportunity to make a case.
“That’s a very broad statement about what is still an extraordinarily amorphous transaction,” Mr. Coffee said.
The S.E.C. had no comment, and Tesla would not comment beyond what was in Mr. Musk’s statement to employees.
참고
영문기사 1. 월스트릿저널 (클릭시 에러가 생기지만 기사검색시 찾을 수 있음)
https://www.google.co.kr/amp/s/www.wsj.com/amp/articles/elon-musks-twi
tter-account-am-considering-taking-tesla-private-at-420-1533661152
영문기사 2. 뉴욕타임스
https://www.nytimes.com/2018/08/07/business/tesla-stock-elon-musk-priv
ate.html
영문기사 3. 씨엔비씨
https://www.cnbc.com/2018/08/07/elon-musk-tweet-shows-the-hazards-of-b
eing-an-interesting-ceo.html
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