Saudis want to fund Tesla buyout

Posted On August 14th, 2018 - 5:05 pm | by Oil and gas press

Tesla CEO Elon Musk is facing increasing pressure to explain his plan to take the company private — including lawsuits and the threat of an SEC investigation — after tweeting last week that he had “funding secured”for the move. On Monday he hit back with a blog post explaining that the capital would come from Saudi Arabia’s sovereign fund. euronews.com reports.

Following a move by the Saudi fund to purchase 5 percent of the company’s stock, Musk said he had met with representatives again, and “left the July 31 meeting with no question that a deal with the Saudi sovereign fund could be closed.”

The Saudis, Musk added, had “approached me multiple times about taking Tesla private.”

Source / More : Euronews

Related News: Elon Musk hit with a THIRD securities fraud lawsuit one week

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