‘No question’ Saudi Arabia will help Tesla go private, says CEO Elon Musk
Musk has revealed he is in discussions with the Saudi sovereign wealth fund in a move that could remove restrictions like financial reports from the company
Tesla chief executive Elon Musk has revealed that he is in talks with Saudi Arabia’s sovereign wealth fund and other investors to take the electric carmaker private, a week after he said on Twitter that financing for a deal had been “secured”.
“I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base,” Musk wrote in a blog post on Monday.
“It is appropriate to complete those discussions before presenting a detailed proposal to an independent board committee.”
Musk said he had “no question” that the Saudis would finance such a transaction following a July 31 meeting. The transaction would be structured with equity so as not to burden Tesla with crushing debt, he added.
