特斯拉馬斯克致所有投資者和員工的一封信

Earlier today, I announced that I’m considering taking Tesla private at a price of $420/share. I wanted to let you know my rationale for this, and why I think this is the best path forward.

今天早些時候，我宣布我正在考慮以420美元/股的價格將特斯拉私有化。我想讓你們知道我的理由，以及為什么我認(rèn)為這是最好的前進(jìn)道路。

First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. 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. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.

首先，這一切還沒有做出最終決定，但之所以這樣做，是為了創(chuàng)造特斯拉最佳的運營環(huán)境。作為一家上市公司，我們承受股價的劇烈波動影響，這對特斯拉所有人來說都造成很大的精力分散，因為他們都是特斯拉的股東。上市也迫使我們注重季度收益，這給特斯拉帶來了巨大的壓力，令我們可能做出對某一季度正確的決定，但并非對長期戰(zhàn)略正確的決定。最后，作為股票市場歷史上被做空最嚴(yán)重的股票，上市意味著有大量的人（空頭）有攻擊公司的動機(jī)。

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.

我從根本上相信，當(dāng)每個人都專注于執(zhí)行力的時候，當(dāng)我們能夠?qū)Ｗ⒂谖覀兊拈L期使命的時候，當(dāng)沒有人為了獲得不當(dāng)利益而損害我們正在努力實現(xiàn)的目標(biāo)的時候，我們才是處于最佳狀態(tài)。

This is especially true for a company like Tesla that has a long-term, forward-looking mission. SpaceX is a perfect example: it is far more operationally efficient, and that is largely due to the fact that it is privately held. This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.

對于特斯拉這樣的公司來說，這是一個長期的、具有前瞻性的任務(wù)。SpaceX就是一個很好的例子：它在操作上更有效率，主要原因是因為它是私有化人企業(yè)。這并不是說特斯拉在長期內(nèi)私有化是合理的。未來，一旦特斯拉進(jìn)入緩慢、更可預(yù)測的增長階段，回到股票市場可能會更有意義。

Here’s what I envision being private would mean for all shareholders, including all of our employees.

對于所有股東，包括我們所有的員工，這就是我所認(rèn)為特斯拉私有化的原因和意義。

First, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%). My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium.

首先，我計劃這么做以便所有股東都有選擇權(quán)。要么他們可以作為投資者留在私有化后的特斯拉，要么他們可以以每股420美元的價格賣出，這比我們Q2季度季報后的收益（已經(jīng)增加了16%）的股票溢價高出了20%。我希望所有股東都能留下來，但如果他們更愿意被收購，那么也能夠獲得良好的收益。

Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time.

第二，我的想法是所有特斯拉員工都是公司的股東，就像SpaceX公司一樣。如果我們私有化，員工仍然可以定期出售他們的股票并行使他們的期權(quán)。這將使你能夠收獲你一直在為其努力工作的公司而帶來的不斷增長的價值。

Third, the intention is not to merge SpaceX and Tesla. They would continue to have separate ownership and governance structures. However, the structure envisioned for Tesla is similar in many ways to the SpaceX structure: external shareholders and employee shareholders have an opportunity to sell or buy approximately every six months.

第三，目的并非合并SpaceX和特斯拉。他們將繼續(xù)擁有獨立的所有權(quán)和治理結(jié)構(gòu)。然而，特斯拉所設(shè)想的結(jié)構(gòu)在很多方面與SpaceX的結(jié)構(gòu)相似：外部股東和雇員股東有大約每六個月出售或購買的機(jī)會。

Finally, this has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed.

最后，這并非將管理權(quán)集中在我手中。我現(xiàn)在擁有大約20%的公司股權(quán)，我認(rèn)為交易完成后并不會有實質(zhì)性的變化。

Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.

根本上來說，我正在努力確保特斯拉可以在最佳狀態(tài)下運營，盡可能多地避免注意力分散和短期思維，并且盡可能少地改變我們所有的投資者，包括我們所有的員工。

This proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. Either way, the future is very bright and we’ll keep fighting to achieve our mission.

這項私有化的提案最終將通過股東投票來敲定。如果這項決定以我預(yù)期的方式結(jié)束，私有化的特斯拉最終將是我們所有人的巨大機(jī)會。無論哪種方式，未來都是光明的，我們將繼續(xù)戰(zhàn)斗，以實現(xiàn)我們的使命。

Thanks, Elon

謝謝你們 伊隆馬斯克