马斯克致所有投资者和员工的一封信——关于私有化特斯拉（TSLA）

本文来源于微信公众号“特斯拉电动车”。原标题为《马斯克致所有投资者和员工的一封信》。

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.

今天早些时候，我宣布我正在考虑以420美元/股的价格将特斯拉私有化。我想让你们知道我的理由，以及为什么我认为这是最好的前进道路。

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，这一切还没有做出最终决定，但之所以这样做，是为了创造特斯拉最佳的运营环境。作为一家上市公司，我们承受股价的剧烈波动影响，这对特斯拉所有人来说都造成很大的精力分散，因为他们都是特斯拉的股东。上市也迫使我们注重季度收益，这给特斯拉带来了巨大的压力，令我们可能做出对某一季度正确的决定，但并非对长期战略正确的决定。最后，作为股票市场历史上被做空最严重的股票，上市意味着有大量的人(空头)有攻击公司的动机。

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.

我从根本上相信，当每个人都专注于执行力的时候，当我们能够专注于我们的长期使命的时候，当没有人为了获得不当利益而损害我们正在努力实现的目标的时候，我们才是处于最佳状态。

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.

对于特斯拉这样的公司来说，这是一个长期的、具有前瞻性的任务。SpaceX就是一个很好的例子：它在操作上更有效率，主要原因是因为它是私有化人企业。这并不是说特斯拉在长期内私有化是合理的。未来，一旦特斯拉进入缓慢、更可预测的增长阶段，回到股票市场可能会更有意义。

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

对于所有股东，包括我们所有的员工，这就是我所认为特斯拉私有化的原因和意义。

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，我计划这么做以便所有股东都有选择权。要么他们可以作为投资者留在私有化后的特斯拉，要么他们可以以每股420美元的价格卖出，这比我们Q2季度季报后的收益(已经增加了16%)的股票溢价高出了20%。我希望所有股东都能留下来，但如果他们更愿意被收购，那么也能够获得良好的收益。

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员工都是公司的股东，就像SpaceX公司一样。如果我们私有化，员工仍然可以定期出售他们的股票并行使他们的期权。这将使你能够收获你一直在为其努力工作的公司而带来的不断增长的价值。

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。他们将继续拥有独立的所有权和治理结构。然而，特斯拉所设想的结构在很多方面与SpaceX的结构相似：外部股东和雇员股东有大约每六个月出售或购买的机会。

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，这并非将管理权集中在我手中。我现在拥有大约20%的公司股权，我认为交易完成后并不会有实质性的变化。

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.

根本上来说，我正在努力确保特斯拉可以在最佳状态下运营，尽可能多地避免注意力分散和短期思维，并且尽可能少地改变我们所有的投资者，包括我们所有的员工。

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.

这项私有化的提案最终将通过股东投票来敲定。如果这项决定以我预期的方式结束，私有化的特斯拉最终将是我们所有人的巨大机会。无论哪种方式，未来都是光明的，我们将继续战斗，以实现我们的使命。

Thanks, Elon

谢谢你们 伊隆马斯克

(编辑：刘瑞)