Tuesday, August 14th, 2018

Elon Musk Shares an Update on Tesla’s Privatization Plans
Tesla Blog Post
Elon Musk Tweet

Elon Musk announced in a blog post that he’s in discussions with Saudi Arabia’s Sovereign Wealth Fund on helping take the company private.

He also tweeted that he’s working with Silver Lake and Goldman Sachs as financial advisors on the potential deal.

City National Bank Acquires a Payment Platform
City National Bank News Release

City National Bank announced that it has acquired Exactuals, a Los Angeles-based payment provider of solutions for complex payments in the entertainment industry.

According to a City National Bank news release, Exactuals provides direct deposit payments, tax document management and online reporting to rights holders, performers, managers, service providers and independent contractors across the globe. The company also operates an artificial intelligence tool used by record labels and publishers to optimize ownership metadata for the calculation and payment of royalties.

Terms of the deal were not disclosed.

Netflix Chief Financial Officer Steps Down
Company Press Release
Variety: Walmart Streaming Plans

Netflix announced that David Wells will leave the company once it has chosen a successor. Wells has been with the company since 2004 and has served as the CFO since 2010.

He plans to stay with the company until a new CFO is fully transitioned into the role.

Wells leaves the company during a time when the streaming giant faces new challenges from increased competition from rivals such as Amazon, and Walmart.