cnbc.com reporter alex sherman joining us on the phone. welcome to fast money. what have you got, buddy >> incremental. >> the board is set to meet with financial advisers and they are likely to say to elon musk that he should recuse himself from the board, as the board refused to take private. the board will set up an independent, special committee and there are board members to review a proposal. i don't have any particular detail about what this proposal may look like and the structure of it and whether or not they're committing financing and one of the people told me that there was at least a conversation between elon musk and the saudi sovereign wealth fund about being private and i have no information about whether or not that conversation, when and where or if there is saudi money or be private. at least we know that the board is taking them seriously, and what we couldn't expect is some sort of statement tomorrow from tesla saying this was a manic episode from elon musk, blah, blah, blah >> they are moving forward as if it was a very real private offer.

joining us on the cnbc news line who broke that story last night, alex sherman we have to stop seeingach other. excellent reporting. you moved the stock, and this is a move that's expected to be around this potential transaction, not the board entirely, correct? >> that's right. yeah hardest working man in show business there with you, around the clock coverage >> that's you. >> the interesting thing about what we're reporting is it seems as though tesla is trying to standardize a non-standard process. in terms of how this theoretical deal was announced there's no more unstandard process than tweeting that you may take the company private at $420 a share, and in a subsequent amount of tweets over a period of time leaking bits of information. that goes against almost all tradition on wall street of how you would go about announcing a theoretical take private, which usually comes with bankers and lawyers and a formal press release and advisers on media relations and investor relations. in this case once the news was out there, the board has to react to that. what i've been told is going

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expected to ask elon musk to recuse himself from the process that's according to a news story by alex sherman alex will join us in the next hour to explain what he knows. he's trying to make some sense of what is a complicated situation at tesla >>> wework raised another $1 billion in funding from softbank the company says the investment raises the cash pile to 4 billion, which it plans to use to acquire new property and leases this is the second investment by softbank wework provides shared office space and services and corporate customers account for about a quarter of memberships wework is valued at $20 billion. they made the disclosure yesterday as part of its first-ever release of its financial results. revenue doubled to $421 million. its net loss in the first half of the year more than tripled to 723 million as it opened new office space and spent more to market them. silicon valley or softbank or saudi is now subsidizing everybody's office space at least for now. a true model shift, everybody takes these short-term leases. wework takes the long-term risk. >> wework. >> wework. hard to

. >> as cnbc's alex sherman reported, there's now a team of some 200 people to target potential investments driving force behind the investments is that he meets in person with every founder of every investment, sometimes several times, including last minute trips to tokyo for founders who get the call. he wants to see you tomorrow, they are told. his other stakes, sprint and the $27 billion merger with t mobile he is saying they're working hard to move the merger forward as it builds 5g strategy. >> sprint is up 8% on a "new york post" story that they may shift sentiment to think they only need three carriers to be competitive. josh, thank you. >>> let's get over to seema mody >> european markets closing mostly lower to start the week with the banking index leading the way to the down side currencies are a big part of the discussion uk pound hitting an 11 month load the international trade secretary saying in an interview sunday that risk of no deal brexit has risen 50 to 60% in the past few weeks i want to draw your attention to turkish lire, hitting another record low after the trump adm

cnbc.com's alex sherman joins us on set he's been reporting incrementally. we know according to the tweets elon musk has advisers, we know the board has formed a committee to look at it. now what >> so the board should get an advisor, that should happen in the next day or so at that point the key decision point here is what is this proposal going to look like? we need to see the actual specifics of what a take private might look like. some of the things people have been talking to me today about what may or may not be here, will there be a conditional ownership clause will there be some language in there that says the funding is conditional if "x" percentage of existing shareholders roll-up into this new private company which would thereby take the amount of funding that elon musk needs to raise from the saudi sovereign wealth fund or others down the more people that roll in, the more shareholders that roll in, the less funding needs to be there. and of course we'll see how much money is the saudi sovereign wealth fund willing to commit to this thing and wil

of this based on our sourcing so far so this would come as a shock to people in the know i saw alex sherman tweeting something very similar in the last hour as well. no one in our network and people who provided funded loans knew so that makes a difference and i believe 27% of its growth is on loan to people who are betting against share price decline. if this is half-baked plan it's not real if it's a joke, there would be serious consequences based on our reading of securities law. so that's something you can't lose sight of. this is company that's a battle ground between bulls and bears and at the epicenter of this is this wild entrepreneur that's achieved a lot of things and pulled off things no one believed in. but there's still questions if it's real. >> it would be one of his motivations. >> james, with all that in mind and the uncertainty around whether this does indeed happen or not, your price target before today was 385. you've had a huge bump up to that for free if it were what would you advise clients to take some profit given that we're halfway there? >> well, look, i want to b