Tesla Shares Rise as CNBC Reports Board Plans Meeting Next Week

(Bloomberg) -- Tesla shares rose in post-market trading after CNBC reported that its board of directors planned to meet with financial advisers next week to formalize a process to take the co. private and would ask CEO Elon Musk to recuse himself from the process.

• Shares rose as much as 3.5% post-market

• The board has told Musk that he needs his own separate set of advisers
• Tesla’s board will likely develop a special committee of a smaller number of independent directors to review the buyout details
• Tesla did not immediately respond to request for comment, CNBC said
• NOTE: Tesla stock had erased all of the gains two days after Musk triggered a rally earlier this week with a tweet saying he was considering taking the company private
• NOTE: The U.S. Securities and Exchange Commission is intensifying its scrutiny of Tesla’s public statements in the wake of Musk’s Tuesday tweet, Bloomberg News reported earlier Thursday, citing two people familiar with the matter

--With assistance from Jeran Wittenstein.

To contact the reporter on this story: Nathan Crooks in Miami at ncrooks@bloomberg.net

To contact the editors responsible for this story: Clementine Fletcher at cfletcher5@bloomberg.net, Rita Devlin Marier

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