coming up, tesla's board steps in and what they plan to do as elon musk continues to tweak his plans to take as a private. that's next. google's privacy problem is later in the program, their privacy software tells you where to go and they are tracking you even when they tell you not to. we will discuss. this is bloomberg. ♪

reports that the tesla board is lawering up. about very complicated board dynamics. >> even in a normal buyout situation this would be sort of rough because the c.e.o. has a huge amount of carom and new over the company and it's hard o have an arms' length transition. this is worse for two reasons, first, because ealone musk is so central to tesla. if he were to resign or be pushed out, you would imagine the stock price would fall because a lot of people believe he's crucial to their future. a majority of the board members have very close connections to elon musk so it's hard to imagine how they're going to valuate this transaction unbiasedly. we're not seeing any deals right now. it's not clear there's enough funding to make the original deal possible so we may be getting ahead of ourselves a little bit. emily: david, you have an must have na about been revealing that the saudis would be such a big part of this but we're under an administration looking to limit foreign money. how does this affect this big wrinkle? >> the saudis

whatever tesla is doing on the operation side of the business, for the most part will be fairly insulated from the boardama, if you will, and whether or not this is a public or private company. having said that, there is an aspect of the operations of tesla that could impact the decisions of the board or major shareholders in the future, and it comes down to the performance of the company relative to profitability, relative to raising capital, relative to cash burn. let's make some assumptions. assume they do fantastic in the next six months. elon musk would say look, with the operation side of the company is doing great, this is the way we should go forward on the flip side, what happens if they do not perform up to expectations what happens if tesla has to do a bigger capital raise than previously expected. will shareholders sit there and say i'm not sure if this is the right move going private now it could have impact in terms of board room drama impacting the operation side, i don't think that's likely to happen >> fwegene, if you have the saus coming for the deal, what it means with cfius and regul

there are reports that the tesla board is lawyering up. talk to us about the very complicated board dynamics here. max: yeah, so i mean, even in a normal buyout situation, this would be sort of rough, right? because the ceo has kind of a huge amount of control and influence over the company and it is hard to have an arm's length transaction. this situation is worse for two reasons. first, because elon musk is so central to tesla's valuation. if he were to resign or be pushed out, you would imagine that the stock price would probably fall because a lot of people believe that he is crucial to this company's future. the second problem is the board makeup, as you were saying, where a majority of the board members have very close connections to elon musk. so it is hard to imagine how they are going to evaluate this transaction objectively. and you could imagine further lawsuits from disgruntled shareholders who maybe say they are not getting the best deal possible. on the other hand, like, we are not seeing any deals right now. it is not clear t

now the continued saga of elon musk wanting to take tesla private. the board in, announcing it created a special committee to review the idea. the group, made up of three independent directors, has the full power and authority to evaluate any transaction to take tesla private. tesla stopped short of any assurances they would follow through on musk's proposal. stephen, what do you make of the moves we see now, in retrospect from the board, almost a full week after the initial tweet? stephen: they are in a tricky situation. musk is under investigation, if,ng it harder, even which it sounds like it wasn't, funding was secured. if you come in with whatever they need, $20 billion, a lot harder to get someone willing to come in with that money with the ceo under investigation. the other problem, if they go through with the transaction, now that there has been some hadng that musk have not -- not thought this through, they could be sued if the transaction goes bad. emily: let's talk about the potential ramifications. we heard earlier from an sec -- a former sec attor

scrutiny and looking at some of the board willics, musk says he abstain, as will his brother on the tesla boardhave some board members of spacex. up tesla board is lowering -- lawyering up. >> yeah, even in a normal buyout situation, this would be rough, because the ceo has a huge amount of control and influence over the company and it is hard gthhave an arms len transition. the situation is worse for two reasons. first, because elon musk is so central to tesla. if we were to resign, your imagine the stock price would fall because a lot of people believe he is crucial to the company's future. the second problem is the board makeup where a majority of the board members have very close connections to elon musk. to imagine how they are going to evaluate this transaction objectively. you could imagine further lawsuits from disgruntled shareholders who may be say thatthis they are not getting the best deal. on the other hand, we are not seeing any deals right now. it is not clear there is enough funding to make this original deal possible. we may be getting ahead of ourselves. emily: meantime you ha

elon musk says he is considering taking tesla private. the board says he must first raise the possibility with them last week. elon musk told his employees he would like to free tesla from the "distraction that comes from being a publicly traded company." >> he wants the freedom to take risks and not be punished in the market. >> much of the trouble with investors has revolved around their model 3 sedan. it only recently began shipping after months of delays. tesla's stock jumped 11% yesterday after the big announcement. it ended up closing down today. meantime the wall street journal is reporting government investigators have opened an inquiry into his tweet and whether it was factual. >>> a major milestone for the ford motor company. the automaker just produced its 10 millionth mustang. there it is. the milestone led to a celebration of sorts, 60 mustang owners drove from detroit to flat rock, michigan. they are they assembled to create the number 10 million in the parking lot. jon gray most met up with a bay mustang club and the drivers who coul

the tesla board has formed a committee to evaluate the offer by elon musk to go private. sal from an. tesla plans to retain independent financial counsel to assist. coca-cola making moves to diversify beyond sugary beverages. they are buying a minority stake in body armor. terms of the deal are not disclosed. president wants to hit the u.s. where it hurts -- in the gadgets department. they are vowing to boycott american made electronic products, including the iphone. the u.s. imposed sanctions on turkey for refusing to released a detained american pastor. david: thank you. for growing turkey economic crisis has raised questions around the world about whether it could spread to emerging markets, such as brazil. we welcome thomas shapiro. his firm is one of the largest real estate private equity companies in brazil. thomas: thank you for having me. david: does anything that is happening in turkey affect the value of your investment or how you invest in brazil? thomas: it has been currency related. brazil is one of the best-performing stock markets in the world and has sold o

thank you, sue >>> coming up, former tesla board member steve westly and jim can tretrell join us after>>> tesla shares are down this morning, although they have been all over the map, after jpmorgan cut the price target on the stock. the firm saying it believes funding was not secured for the private transaction. what comes next for tesla and the ceo, elon musk joining us two people with close ties jim cantrell, and steve westly, former tesla board member, early investor in the company, managingpartner of westly group. mr. westly, some have taken to criticizing the current board for not exercising perhaps enough control over the man at the helm of the company. what was your experience with mr. musk and do you feel as though perhaps it is very hard to manage elon musk? >> well, look, elon is one of the most extraordinary entrepreneurs in the world today. like all great entrepreneurs, he is brilliant, harassable sure, he can be challenging. don't lose sight of the fact, tesla is growing from $9 billion in revenue or 11 billion last year to 19 billion this year the company is still growin

in court filings as his close friend so it's basically a mockery of the corporate governance the tesla board and therefore that's another big issue that's under examination now how can a u.s. company have such a captured board that is close to the c.e.o. and the board is very much on trial right now so the last two weeks i've really been a story about the board in the special committee of the board desperately fighting to maintain some semblance of independence so they don't get sued to death what would the implications be for tesla shareholders if there's a private buyout both institutional and. individual shareholders to talk us through what's involved for them there well so in a traditional sense if you don't want to take a public company private the easiest way to do that is a quote unquote leveraged buyout where you take a slice of equity and a bunch of borrowings you saddle the company up you offer a premium to the share price and then everyone gets the premium and sells their shares and then you take the company private with your new ownership team unfortunately that only works when y

in electrifying their economy, therefore, by owning a big part of tesla makes sense. >> scott, "the new york times" headline said the board is trying to rein in the ceo but it looks to me like they're trying to protect themselves from the ceo as much as anything. elon musk though is a 20% owner of tesla and not only that, an executive. it reminds me of larry ellison's legacy position in oracle. do they have any hope of actually reining him in or as an investor do you just pretty much have to accept that this is the elon musk show and you're just along for the ride >> well, that's a great question i think elon has sort of solved that question for the board frajly right now you have a country under stress to perform and a ceo raised his happened and said, i don't want to be the ceo of a public company anymore. i think the board has to address that pretty seriously. there's a good chance this doesn't go private it's a very unconventional suggestion it's been done in an unconventional way they've formed this committee, they were flat footed at first they formed an independent committee. they need a committee that's looking at

named in court filings as his close friend says basically a mockery to corporate governance the tesla board and therefore that's another big issue that's under examination now how can a u.s. company have such a captured board that is close to the c.e.o. and the board is very much on trial right now so the last two weeks i've really been a story about the board in the special committee of the board desperately fighting to maintain some semblance of independence so they don't get sued to death but what would the implications be for tesla shareholders if there's a private buyout both institutional and. individual shareholders to talk us through what's involved for them there well so in a traditional sense if you don't want to take a public company private the easiest way to do that is a quote unquote leveraged buyout where you take a slice of equity and a bunch of borrowings you saddle the company up you offer a premium to the share price and then everyone gets the premium and sells their shares and then you take the company private with your new ownership team unfortunately that only works wh

. >>> tesla's board could ask elon musk to recuse himself as they explore his plan to take the company board members will meet with financial advisers next week to seek more information about musk's proposal. earlier this week he announced on twitter his plan to take the carmaker private in a deal that would be worth as much as $72 billion, however mr. musk did not clarify if tesla itself has committed financing for this proposed transaction shares were higher in aft after-hours trading yesterday after cnbc's report. >> that multi, multimillion dollar we. >>> porsche has backed its full-year guidance forecasting results between 3.4 and 4.4 billion euros. >>> samsung launched its new galaxy smartphone hoping to grab iphone users it features one of the biggest screens and internal storage abilities on the market. it will start at $999 u.s. samsung has posted disappointing results in the second quarter, recording its slowest profit growth in a year >>> the trump administration has laid out its plan to turn the president's space force dream into a reality vice president mike pence unveiled

tesla. their founder got run out by a board that were defensive of him and this guy has intantagonizedh short and if the sec was on his tail here and there was something that was going on, and now he's recused and one step removed from the whole process to me, you run the risk and if musk's gone from this company, that's the biggest pillars >> at this point, guys, let's ask the honest question. is elon musk a benefit to tesla? >> yes no doubt i think if he were out, the cold stock and the levitation that the stock has had on the visionary, you know status of elon musking deflate very quickly. >> he's launched the company and he's done the heavy lifting. >> he's an amazing businessman and he's done the hard work and now many would argue car companies are among the most difficult. >> and they need an operations person >> if the answer to that question is brian, if all of that is where all of the critical value is. i think you're right, karen. i'm not disagreeing with you and that would be a major concern to me. >> as a reminder, elon musk if you're watching cnbc we're not a call-in show, but we

. >>> coming up, stop tweeting some of tesla's board members have asked elon musk to stay quiet as theyuss his plan to take the company private. following you everywhere? it's time to take back control with stelara®. for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission with dosing every 8 weeks. woman: stelara® may lower the ability of your immune system to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before or during treatment, always tell your doctor if you think you have an infection or have flu-like symptoms or sores, have had cancer, or develop any new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems, including headaches, seizures, confusion and vision problems. these may be signs of a rare, potentially fatal brain condition. some serious allergic reactions can occur. do not take stelara® if you are allergic to any of i

it's notable tesla's board didn't address that. possible they're in the dark. tesla shares jumped about 11% yesterday and gave musk on paper profit of half billion. shares down about 2% today. also, we are talking about this on the morning show. the chinese government said it's going to slap new tariffs on american goods, that includes cars. which will include tesla. >> all right. thank you very much. >>> trump administration says that more than 700,000 foreigners who legally entered the u.s. didn't go home when they were supposed to last year. the department of homeland security reports more than 700,000 people overstayed their visas. that makes up the largest group of people who are in the u.s. illegally. if you overstay a visa more than 180 days you could be barred from reentering the u.s. for 3 years. fewer than 180 days and usually there is no penalty. >>> 49ers will be honoring dwight clark all season long. take a look at the helmet here. that little decal number 87 all of the players are going to wear this all season long. and there will be a special spo

the tesla board of directors plans to meet next week to explore this possibility. they're likely to tell musk to recuse himself meaning he needs his own separate set of advisors. >> the weekend almost here, thinking about it -- thinking about it since tuesday. cleaning up a bit. >> it will be a lot better tomorrow. if you have any kind of problems, asthma, respiratory issues, friday and saturday it will be quite a bit more enjoyable. i'm watching the system off to the north right now. no rainfall with it, producing wind to kick smoke flumes off to the north and east. a lot less in the way of smoke in the north and east bay and haze in the south bay where it has been canceled. the down side has brought us a brand new red flag fire warning in the same spot. we know evacuatiees have been a to come back in but we will be covering it 24 hours a day. envelope developments we will bring it to you. for the friday morning forecast. nicey cool breeze, fog and coastline, 64 in the south bay and 69 for peninsula. if you're here visiting, you're in san francisco, tomorrow morni

in court filings as his close friend so it's basically a mockery of the corporate governance the tesla board and therefore that's another big issue that's under examination now how can a u.s. company have such a captured board that is close to the c.e.o. and the board is very much on trial right now so the last two weeks i've really been a story about the board in the special committee of the board desperately fighting to maintain some semblance of independence so they don't get sued to death and what would the implications be for tesla shareholders if there's a private buyout both institutional and. individual shareholders to talk us through what's involved for them there well so in a traditional sense if you don't want to take a public company private the easiest way to do that is a quote unquote leveraged buyout where you take a slice of equity and a bunch of borrowings you saddle the company up you offer a premium to the share price and then everyone gets the premium and sells their shares and then you take the company private with your new ownership team unfortunately that only works wh

was intended to be taken as a factual statement and after the bell tonight, sources tell cnbc th tesla boardfinancial advisers on musk's pro to take the company private. shares of tesla were all overod the board down nearly.4 5% to $3 but they did turn around following the board news. >>> it is smooth sailing for norwegian cruise line. e cruise ship operator raised its earnings outlook for the year after topping wall street's expectations with the latest quarterly r the company cited strong global demand especially for its new he ship, norwegian bliss. shares rose nearly% $50.95 today. >> and booking holdings which us to be called priceline topped analyst estimates thanks to a rise in guest reservations and the company that also owns open table issues disappointing outlook for the current quarter and it has been known for its conservative forecastt. in the p still shares finished down 5% to $942.3 >>> vista outdoor reported break even earnings and weaker sales. it cited revenue outlook citing commodity headwinds and it did raise its full-year profit forecast. shares jumped 15 force $18.92. u

. >>> we have new details this morning on musk's plan to buyout tesla, board members are now reviewing that proposal. six board members say musk introduced the $72 billion bid last week. we first told you at mid-day yesterday that musk announced he has the funding to buy tesla's shares at $420 each. shares initially rose 11% on that announcement and they fell slightly this morning. >>> we are learning today about a type of medical donation that is probably new for a lot of you. you know obviously how blood drives work, imagine that but instead a drive for breast milk. here's more on that with amanda? >> reporter: i'm told that supplies are at an all-time low for these breast milk donations but the demand for the donor milk is at an all-time high. this isn't your typical blood drive or donation collection. the need is for something not everyone can supply, breast milk. >> i'm always referring moms to donate as much as they can for our milk bank. we need that milk for our babies. >> she's expecting her fourth and fifth children. as a mother she understands the potential for complications

of his career shares are taking a hit, this is on pace for the worst day since march for tesla, as musk and board of tesla prepare to meet with the sec joining us this morning, one of the authors of the piece at the times, kay kelly good to see you. >> good morning to you, carl, thank you. >> a lot of color about musk's state of mind which we can talk about in a second. in terms of actionable news, efforts to find a number two appear to be under way, then this idea that he doesn't see a need to relinquish the chairman or ceo title what do you think it means >> i think the disclosure that at one point they approached cheryl sandberg about that possibility, obviously it didn't work out, she's still very much at facebook was having shows you the seriousness and aspirational nature of the search for a coo or a president. it wasn't clear what the title might be i thought the market might be heartened by that, but that's not the case his emotional state and the fact that he is just so stressed and acknowledges what a difficult chapter it has been, how he continues to struggle personally as the company

. >>> plus tesla's board set to meet with advisors.hey are talking about taking the company private of course. one has to wonder will elon musk be part of a privatized tesla after his tweets, his tweets that may be landing him in trouble with the sec. what fox business has learned next. for adults who have type 2 diabetes and heart disease... ...and lower a1c, with diet and exercise. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cho

all right, tesla's board out with a shock era pointing a special committee to examine any proposals by billionaire ceo elon musk to take the company private but not all investors are on board. up next john some schwartz and guard on johnson put the future of the electric car maker under a microscope and telling us if the move is landing him in hot water. that's next on "countdown." >> sarah sanders fielding questions moments ago on the growing conflict with turkey. the president announcing today that turkey plans to boycott electronic products from the u.s. after the turkish lira dropped to an all-time low against the u.s. dollar yesterday, it has recovered slightly today investors are still concerns the country is not tightening its monetary policy that is the problem and what needs to happen and what is causing these big swings in that economy? let's bring in right now in a fox business exclusive former member of the turkish parliament foundation for defense of democracy senior fellow, it's great to have you here, sir. >> thanks for having me. >> let me ask you this especially with y

. >>> this week the tesla board of directors will discuss plans by ceo elon musk to take the company private. musk faces a pair of class- action lawsuits relating to the proposal he proposed on twitter. usa today reports that one lawsuit claims musk schemed to artificially manipulate the price of tesla stock and the other suit claims he misled investors. so far no response from musk or the company. >>> there are reports this morning about legendary singer aretha franklin that reportedly she is in declining health. the website showbiz 411 is reporting aretha franklin is gravely ill, near death at a detroit michigan hospital. aretha was diagnosed with cancer in 2010, but fought back and continued to perform. her last appearance on stage was with elton john in november of last year. it was for his aids foundation benefit. aretha franklin is 76 years old and started her career almost 60 years ago. among other things she has 120 grammy awards. this is a story we will keep a close eye on to find out more information and bring it to you as soon as we can. >> truly a legend. . >>> coming up,

. >>> tesla's board in damage control after elon musk's tweets not to mention the news on constellationnd canopy growth. we'll get industrial production in three minutes don't go away. at ally, we're doing digital financial services right. but if that's not enough, we have more than 8000 allys looking out for one thing: you. call in the next ten minutes... and if that's not enough, we'll look after your every dollar. put down the phone. and if that's not enough, we'll look after your every cent. grab your wallet. (beeping sound) (computer voice) access denied. and if that's still not enough to help you save... oh the new one! we'll bring out the dogs. mush! (dogs barking) the old one's just fine! we'll do anything, seriously anything, to help our customers. thanks. ally. do it right. i am going to vote for ok, showmyself using nothing but this remote and the sound of my own voice! vote for... -wait, wait, wait. that's not a talent. any xfinity customer with an x1 voice remote can do that. watch this. i want to vote for... obviously not you. ooh, that guy. cast your votes during every li

. >>> federal regulators have reportedly sends -- sent a subpoena to the tesla board of directors in response to elon musk's tweet last week. the wall street journal is reporting that securities and exchange commission is seeking information from each of tesla's directors after opening an initial inquiry last week. it is not clear what information the sec is seeking. in that we must get said he had funding secured to take the company private. if that turns out not to be true musk could be in legal trouble. it is against the law to give shareholders or potential investors misleading information that can affect a company's stock price. >>> salad is right over there. have you taken care of everything? >> we are trying to. we are looking at some of the commutes, especially the faraway ones like the tracy commute. you can see traffic is going to be busy as you drive in from tracy. no major problems on 580 or 205. it is going to be slow approaching that construction zone once you make it to livermore it looks pretty good. this is a look at the bridge getting into san francisco and also at

member members of the board issued a statement just this hour >> the independent members of the tesla boardd a statement this morning providing a little more clarity to those tweets and memo from elan musk yesterday. the board says it was musk who began the discussion last week about taking the company private. the board has met several times over the last week and is taking the appropriate steps to evaluate this, they said the statement was from six of tesla's board member, asidejerge the only ones that did not weigh in tesla is up 4% in more than a week if tesla really wanted to go private. > >>> -- why announce it in this way? musk said yesterday in a tweet that he had secured funding for a buyout that was considering at $420 a share that the saudi southern welfare fund at taken a stake? would this buyout work tesla's cash flow is negative, they could do some sort of equity backstop, but they would need partners willing to write big checks here. it's not impossible but the structure could be complicated in that it would require many of tesla's current membership giving up their rick quli

. >> the tesla board so concerned, exc're looking for a new number two executive. ri ♪ >> tributes continue to pour in for aretha franklin. >> her voice and sincerity is t forgettable. >> she has left us with a musical legacy that kids who haven't even been born yet will get a chance to experience. >> glor: good evening. i'm jeff glor. and this is our western edition. we are going to begin tonight with the open war over top secrets. this week, president trump pulled the security clearance of former c.i.a. director john brennan. that produced a written rebuke from a group of former u.s. intelligence officials. now, the president says he is reviewing the security clearances of nine others, many of whom have been very critical of him, some with links to the russia investigation. here's weijia jiang. >> reporter: on his way out of town for the weekend, president trump hinted current justice department lawyer bruce ohr could be next to lose his security clearance. >> i think bruce ohr is a rasgrace. i suspect i'll be taking it away iry quickly. c reporter: ohr had conta

tesla's board what a day yesterday. continuing today they are chewing over the idea of going private and if it happens it's the biggest leverage buy out in history. where would the money come from and why does so many companies now want to be private, stay private, go back to being private? and the biggest wildfire ever to hit california rages thousands evacuated now. gusting winds, soaring temperatures we're live on the ground as "power lunch" starts right now >>> welcome to "power lunch" i'm seema mo drdmody. not a lucky seven for the nasdaq energy worst performing sector blame oil plunging prices crude down 4%, hitting its lowest level since june 22nd. gasoline prices on pace for their worst day since mid-july but natural gas on higher for its fifth straight day of gains. >> i'm bill griffeth bob pisani is ready. >> reporter: i've been standing here here's what's important. we had a nice rally going yesterday. i had my new narratives. hispanic highs and then got interrupted because elon musk sucked all the oxygen out

the tesla board of directors plans to meet with financial advisers to explore the possibility and cnbc said the board is likely to tell musk to recuse himself, meaning he's his own separate set of advisers. >>> california wildfires are causing animal shelters to be overcrowded. a lot of animals fled for safety and there is also a spike in hoarding cases. volunteers don't have the space to take care of the animals. many shelters are posting about adoption on social media but say hundreds of animals still need homes. and nbc bay area is trying to help. next saturday we want to clear the shelter. the fourth annual event. our anchors and roereporters be will across the area. head to our website at nbcbayarea.com for more information. >>> city leader in san francisco cut the ribbon on the long awaited sales force transit center. it will cater to nearly a dozen transportation systems feature a five-acre park with retail space and public art. it will be something. but when it opens this weekend, the transportation hub will only be serving buses. transit leaders say it will still be many more

they post an open letter he would serve tesla and the world better if he would rest. so far he's not listening. but can the boardrce him to change. >> you know what i didn't get too many. enough to not be tweeting erratically. if the sleep enough take not get yourself in trouble. this is a serious topic. they have a whole book about sleep. it would be better for you and your help and your company and everyone involved if you disclosure eyes. can the board to do anything about this. it actually has a lot of power and it depends on how and when they are going to exert it. they could remove him as ceo. they could say you need to take a leave of absence. the buzz is that they might try to hire a number two to take some of the pressure off elon musk. they've an interesting situation because elon musk is so synonymous with the brand. the question is what a leave of absence or something like that actually hurt them in the long run from a financial perspective. >> he is the crazy guy that has all of these ideas. and he will work hard to bring him to fruition. if they don't like the number two that the board selects the

futures are lower in the free market >>> and tesla the board appearing to get more serious about musk's go-private plan more on the story of the week coming up. >>> global markets under pressure this morning as the turkish lira tumbles to record lows against the dollar on worries about turkey's financial health and the diplomatic riff with the u.s moments ago, as you heard michelle say, the president tweets a lot of discussion this morning about how serious this is. whether there is a story to fill the summer friday or whether there's actual serious contagion. >> there's a huge story for the turkish people the president smeels weakness so he's going to attack them even more when he has the opportunity for it whether or not there's more contagion here, hard to say. we have been seeing this evolution in turkey on the part of erdogan his unwillingness to let the central bank do what it needs to do at a moment like this simply, interest rates in the united states are higher than they were a year ago and when you can get 3% on a 10 year in the united states as an investor, you demand more fr

musk naming names, disclosing the banks and the law firms advising on his bid to take tesla private he says the boardms a special committee. details next the turkish lira bounces back. global markets in the green. carl icon dropping his bid to block cigna's $52 billion deal for express scripts. >>> first up, tesla announcing the formation of a special committee to explore musk's proposal to take the company private. they have not received a formal proposal and haven't reached conclusions on the feasibility of any such deal all current tesla board members are on the committee they do get the amount of k. out as we get a page one story in the times saying that the board was taken aback by the origina tweet. >> i think we have to go back to what mark cuban said yesterday on scott wapner's show this is a man who is not a conventional ceo we keep expecting a certain level of convention. he's not going to give it to you. therefore you should stop looking for it now, this kind of whole sequence seems backward idea, maybe put the company up for sale, maybe take it private. let's hire goldman let's hire someb

. >>> tesla, we've been talking about it all week. the board for more answers on the elon musk financial plan private. so gasparino coming in on that and thoughts on musk himself. charlie is next and we'll talk some more tesla. ♪ em up or slide 'em down. so let's see. for most of you, it's lower a1c. but only a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease, significantly reducing the risk of dying from a cardiovascular event and lowering a1c, along with diet and exercise. this really changes things. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jar

this is case where the tesla board has said they will meet with financial advisers. whether or not we actually get more details, i will be curious about that >> okay, phil lebeau, as ever thank you very much. phil lebeau for us in chicago. >>> now, fans of mcdonald's listen up. the fast foogid ant is offering one lucky customer free food for one lucky customer free food for life one lucky customer free food for life yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. that's next in today's take away do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you. experience the versatility of utility, with a range of suvs perfect for any adventure, at the lexus golden opportunity sales event. experience amazing at your lexus dealer. >>> time now for the takeaway. first up, samsung has a shiny new toy. the company unveiling its galaxy note 9 phone starting at $999. qualcomm's latest processor and twice the inte

on the report that the tesla board is planning to meet next week. aboutke to advisors finalizing the process to take the company private. what a roller coaster it has been. what is the latest? >> it was a crazy 48 hours. earlier bloomberg broke the story that they are looking not just at his tweet from tuesday but broader company stances. we are trying to find out who tesla will be working with. we have a new report from cnbc about the board moving forward and potentially meeting next week. there is a new wrinkle to this story every hour. the company has not issued any new statements. has been very quiet on twitter. there is a lot of information that people don't know. latests of his development, his reaction from investors was pretty positive. >> there are two scenarios. has lined up financing for the deal of the century or he is bluffing. board ist that the moving forward is seen as a positive development. it seems like they are sorted ford of -- forward moving on that. any development like that would be seen as a step in the right direction. kath

in court filings as his close friend so it's basically a mockery of the corporate governance the tesla board and therefore that's another big issue that's under examination now how can a u.s. company have such a captured board that is close to the c.e.o. and the board is very much on trial right now so the last two weeks i've really been a story about the board in the special committee of the board desperately fighting to maintain some semblance of independence so they don't get sued to death what would the implications be for tesla shareholders if there's a private buyout both institutional and. individual shareholders to talk us through what's involved for them there well so in a traditional sense if you don't want to take a public company private the easiest way to do that is a quote unquote leveraged buyout where you take a slice of equity and a bunch of borrowings you saddle the company up you offer a premium to the share price and then everyone gets the premium and sells their shares and then you take the company private with your new ownership team unfortunately that only works when y

also breaking news, tesla stock is moving higher, nearly two and half% after reports that the tesla board does plan to meet with advisors next week to ramp up talks about tesla going private. the board likely to ask you lawn must recuse himself from that process due to his controversial tweet the other day. moving on, as democrat anti- ice rhetoric keeps up, a man is now under arrest for trying to hire a hitman to kill ice agents for $500. coming up, the former immigration and customs agent says democrats care more about illegal lives than ice agents but we take that on. plus molly tibbetts is still missing. her father is now pleading with tech companies and social media companies to help track her down. we will stay on that story for you. my next guest so silicon valley should do more. he joins us next. stay there. a scratch so small you coulda fixed it with a pen. maybe you should take that pen and use it to sign up with a different insurance company. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪

charlie gasparino broke the news that the sec has subpoenaed the company taking information from tesla's board of directors. a formal investigation of the company is underway. board members are scrambling to do damage control. independent directors have lawyers represent them during the inquiry. shares of tesla fell 3% on news that that subpoena. we will have more a little later on in the show. >> president trump revoking former cia or john brennan. >> mr. brennan has recently published his status as a four high-ranking official with access to highly sensitive information to make a serious unfounded and outrageous allegations and wild outbursts on the internet and television about this administration. trigger the president pointed to brennan is one of the people he believes is responsible for the russian investigation. this is what the president said. i called the raid which on. this action is part of a broader effort by mr. trump to suppress freedom of speech and punish critics. the president has ordered a review for nine others to have security clearances including national intelligence john

i believe the better path is for tesla to remain public. the board agreed. and i'm excited to continue leading tesla as a public company. it's a privilege. fox business's deirdre bolton all over the story. joins us from the newsroom with the latest. >> cheryl, elon musk changed his mind. after 16 days of uncertainty the tesla ceo announced that the company will stay public. on a blog. on tesla's website he wrote about the difficulty that institutional shareholders would have, so fidelity, for example, or t. rowe price, they have pretty big stakes in that company, but they would also have internal compliance issues that limit just how many shares or just how much really those companies can hold in a private company versus a public one. it would be come split cad for individual investors such as yourself, myself. musk said while he knew the process of going private would be challenging, he admitted that it would be even more time-consuming and distracted that he had initially anticipated. thus he changed his mind. he basically says now he can focus on

tesla's board what a day yesterday.g today they are chewing over the idea of going private and if it happens it's the biggest leverage buy out in history. where would the money come from and why does so many companies now want to be private, stay private, go back to being private? and the biggest wildfire ever to hit california

there is growing friction between tesla and its board. elon musk and its board, if we can say taking sides, both sides lawyered up. i don't think that is a very good sign. the stock was down 14, 15 bucks. now down eight. >> the stock is reacting to whatever momentary news. the board is siding with the company, taking whatever precautions it needs to do to protect itself from lawsuits. that will separate them further from elon musk and i think he will be deeper in a hole. stuart: earlier we found out from charlie gasparino that the sec is formalizing its investigation. >> issuing subpoenas. getting into the formal business of the investigation. we know the board members told musk, cut out of tweeting. get out of the way. to your point, stu, they have lawyered up, individual board members, angry at musk for making them legally exposed. stuart: all about that expression, secured financing. that is what musk said he got. >> yes. >> has got to prove he has got it. and prove it to the sec on the screen, big board, dow industrials coming back dow

be the case that people blame alcohol or drugs but now they point the finger at ambien. >>> the tesla board sent a statement saying that there have been any -- been many false rumors. >>> there is no shortage of fun at the tesla factory in fremont, employees enjoying a concert from jack white who volunteered to perform for those workers for free. according to a survey, public support for self driving cars has plunged and found public awareness has grown but so did distrust of the driverless cars after a deadly accident that happened earlier this year in which a self driving uber car killed a pedestrian. according to one study half of these surveys say they would not purchase a thomas car:an autonomous car. enthusiasm appears to be waning. they found that 46% of bay area drivers say they are willing to relinquish control down from 52% last year. >>> airline mergers tend to create turbulence for passengers and we learned a alaska airlines merger with virgin america airlines is no exception. >> alaska airlines canceled about a dozen flights, operators discovered that visual inspections had not

tesla private. once again on tuesday, his board stepped in, announcing that they created a special committee to reviewa. the group, made up of three independent directors, has the full power and authority to evaluate any transaction to take tesla private. tesla stopped short of any assurances they would follow through on musk's proposal. here to discuss, bloomberg opinion columnist, who covers equity markets. stephen, what do you make of the now, inat we are seeing retrospect from the board, almost a full week after the initial tweet? stephen: they are in a tricky situation. undere, no, musk is investigation, which will make it harder, even if they had, -- look clearly doesn't some at wasn't, -- funding secured if , you come in with whatever they need, $20 billion, it will be harder to get some rain to come in with that money while the ceo is under investigation. the other problem they have, if they go through with the transaction, now that there has been some airing that musk had not thought this through, they could be sued if the transaction goes bad. emily: let's talk about the potential ramificati

tesla shifting into next year, the board forming a special committee to evaluate elon musk's proposal to take the electric carmaker private. bitcoin hit its lowest level since june as a broad cell across the crypto market. smaller shares of cryptocurrency such as ether felt faster. 30 minutes into the trading day. we are seeing a bounce back in the markets, lb at a modern 1 -- although a moderate one. declines overest that length of time. retail earnings are helping to some extent. we see all three major averages of a small percent here this morning. let's get to those retailers. interesting situation with home depot which was rising in premarket trading as earnings were stronger than estimated. home depot has a history of falling despite beating estimates. fallen on his last three days of its earning reports. a different story for tapestry, the owner of kate spade. it owns coach as well. gates paid a strength of their sales, sliding but is not -- kate spade a strength of their sales, sliding but not as much as as expected. auto parts seeing high demand and raising their full-year out

tesla's board says three independent directors will make up a special committee and say they have yet to get a formal proposal. musk's plan to take the company private is being considered and they have the final say on whether or not musk will be able to take tesla private. shares are higher today. small business confidence continues to rise despite the early signs of the trade war. small business optimism in july rose to its second highest on the records. and the stock market bouncing back this morning just a little bit. back to you. >> jason brooks, thank you. >>> time for traffic and weather. we have a bit of an issue here. >> we have some issues here. right now we have a new accident along 101, northbound direction near candlestick park. no delays just yet but it's said to be on the shoulder. 101 near airport, traffic starting to get heavy here southbound. starting to see brake lights there heading northbound. so expect some delays. the san mateo bridge, it's hard to get over to 101. this is the westbound side on e descreen continue to climb. no reports of accidents or stalls but

that's its longest win streak in a year >>> tesla's board will ask elon musk to recuse himself as that company reviews plans to go private. >>> retail, one stock is soaring this morning thanks to a big bet on blockchain. that name an so much more coming your way on this friday, august 10th, as "worldwide exchange" begins right now ♪ >>> good morning welcome from wherever in the world you may be watching. i'm brian sullivan so glad you're with us on this friday futures are tumbling this morning. it could be a rough ride dow futures are down 106 points, all eyes are not on the dow, they're on the nasdaq. the nasdaq is up 8 days in a row. it's never done that this year all the talk about tech being dead, f.a.n.g. is dead that's not been the case today nasdaq could start its session in the hole. we have a ways to go as always keep your eyes on the nasdaq >>> one big thing to watch right now for all of you, we talked about it yesterday, is turkey. that country's currency plunging to record lows against many other currencies the lira losing a third of its value this year alone. the stock mar