Elon Musk: Saudi Fund Asked About Taking Tesla Private

13 August, 2018, 19:11 | Author: Corey Lynch
  • Musk Tries To Clarify 'Funding Secured' In New Tesla Blog Post

That price "would only be used for Tesla shareholders who do not remain with out company if it is private", Musk said.

According to Reuters, the separate lawsuits by Kalman Isaacs and William Chamberlain accuse Tesla and Musk of issuing statements that are in violation of securities law, artificially boosting the stock price, and putting a squeeze on short sellers.

Musk's tweet stunned investors, with many raising questions about his claim that funding for the venture had been secured.

In the blog post, Musk says the Saudi sovereign fund first approached him about taking Tesla private in early 2017 "because of the important need to diversify away from oil" and that its managing director met with him most recently on July 31 and reiterated his support for funding the effort.

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is in talks with Tesla about becoming a significant investor as part of the move towards privatisation, sources with knowledge of the fund's plans told Bloomberg on Sunday.

Musk wrote that he made the August 7 announcement because he had talked to large investors about his desire to take the company private.

As I announced last Tuesday, I'm considering taking Tesla private because I believe it could be good for our shareholders, enable Tesla to operate at its best, and advance our mission of accelerating the transition to sustainable energy.




The stock has since given back more than two-thirds of that gain, in part following reports that the U.S. Securities and Exchange Commission had begun inquiring about Musk's activity.

Tesla Inc. Chief Executive Officer Elon Musk and advisers are seeking a wide pool of investors to back a potential take-private of the automaker to avoid concentrating ownership among a few new large holders, according to people familiar with the matter. Musk owns 20 percent of Tesla Motors.

The fund did not immediately respond to a request for comment. "So the potential investor must be patient and strategic-looking".

A Tesla investment would add to the Saudi fund's long growing list of high-profile purchases. He wrote that since the meeting, he has maintained contact with the fund's managing director - suggesting that discussions are continuing.

The company has invested US$3.5b in Uber in June 2016, teamed up with Softbank for a US$93b tech fund in May, and pledged to invest about US$1b in Virgin Group's space companies, Virgin Galactic in October.

The current talks about the PIF potentially participating in a take-private transaction started in recent weeks, the other people said.

-With assistance from Oliver Sachgau, Dinesh Nair, Zaid Sabah, Ed Hammond and Yan Zhang.

Recommended:

  • Paul Scholes sends message to Man United fans about Jose Mourinho

    Paul Scholes sends message to Man United fans about Jose Mourinho

    He said on Thursday that some of Paul Pogba , Ashley Young, Fellaini and Jesse Lingard may yet be involved against Leicester. According to The Guardian , Martial was close to being sold this summer but United chief executive Ed Woodward intervened.
    Jose Mourinho aims early dig at 'serial winners' Liverpool and Tottenham

    Jose Mourinho aims early dig at 'serial winners' Liverpool and Tottenham

    In football you need time to work and players on the pitch to work and we didn't have that until now. I focus just on what we have and we go with everything we have to the first match".
    Amnesty International calls for united front against Saudi Arabia

    Amnesty International calls for united front against Saudi Arabia

    Saudi Arabia says it will withdraw all of its students studying in Canada in an intensifying feud between the two countries . Samar is a vocal campaigner for her brother Raif Badawi , a blogger who was arrested in Saudi Arabia in 2012.
  • India's Kerala state on high alert after floods kill 34

    India's Kerala state on high alert after floods kill 34

    Meanwhile, Kochi Airport in a statement said flight operations are continuing uninterrupted and there has been no cancellations. With rivers and streams flowing in spate, people, particularly youngsters, have been asked to exercise caution.
    English club Leicester City transfer Turkish defender

    English club Leicester City transfer Turkish defender

    Ayew, who has 11 goals in 49 appearances for Ghana, scored 11 times for Swansea last season as he impressed in a struggling side. Fulham , promoted to the Premier League last season, have splashed the cash since winning the Championship play-off final in May.
    North Korea: US Sanctions Pressure ‘Outdated Acting Script’

    North Korea: US Sanctions Pressure ‘Outdated Acting Script’

    State Department spokeswoman, said Thursday "When I say 'conversations, ' that can be by phone, that can be my message, that can be by email".
  • Punjab Confirms Navjot Singh Sidhu's Invite For Imran Khan's Swearing

    Punjab Confirms Navjot Singh Sidhu's Invite For Imran Khan's Swearing

    The PTI has nominated Asad Qaisar for speaker, while opposition has named Syed Khurshid Shah of the PPP as the joint opposition candidate for the post.
    Samsung to invest billions in new tech to drive fresh growth

    Samsung to invest billions in new tech to drive fresh growth

    The Group's flagship company, Samsung Electronics, did not provide a breakdown of the figures. The announcement sent shares in contract drugmaker Samsung BioLogics up more than 5 percent.

    Trump vows to impose tariffs on more Chinese goods

    The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines .
  • Guardiola backs Emery to mount title challenge with Arsenal

    Guardiola backs Emery to mount title challenge with Arsenal

    Mohamed Salah, the league's top scorer last season, put the hosts in front by tapping in from close range in the 19th minute. Although he did nearly score one of the most embarrassing own-goals in many a year. "We finished with the spirit I want.
    China Tariffs on U.S. Crude Not Game-Changing Event

    China Tariffs on U.S. Crude Not Game-Changing Event

    Crude oil continues to rise bullish as traders remained anxious over revived US sanctions against major crude exporter Iran. An earlier report from industry group the American Petroleum Institute had suggested inventories fell by 6 million barrels.
    Blend of novices, veterans to fly on first private U.S.  spaceships

    Blend of novices, veterans to fly on first private U.S. spaceships

    He retired from NASA after commanding the final shuttle mission in 2011, and eventually joined Boeing to help develop Starliner. He is a colonel in the Air Force, where he was a flight test engineer before being selected as a NASA astronaut in 2009.


Popular

MDC Alliance files court challenge to Mnangagwa's election win
The matter is expected to be heard within 14 days as per the constitutional provisions. "We have a good case and cause".

This Weekend Is The Perseid Meteor Show - Viewing Conditions Will Be Perfect
The comet Swift-Tuttle orbits the sun once every 133 years, so every August, the Earth passes through the comet's debris field. You won't be able to see as many meteors when you're in a place with light pollution, which includes most of America.

Visualizing The Size Of California's Largest-Ever Fire
He's charged with three counts of arson, resisting arrest, deterring an executive officer and is being held on $1 million bail. The charges being leveled could carry a life sentence, said Susan Schroeder of the Orange County District Attorney's Office.

Doom Eternal gameplay is 15 minutes of hell on Earth
After its predecessor received a port for the system, it's great to see the continued support for Nintendo's latest console. The developers promised a lot more lore in the new game, so seemingly there's a good explanation behind it all.

Turkish lira hits record low amid financial panic, rising USA tensions
High-level meetings in Washington between US and Turkish officials over Brunson ended this week , apparently without a resolution. Erdogan and his newly appointed finance minister, Berat Albayrak , are due to speak at 2 p.m. local time Friday.

Luciano Vietto joins Fulham on loan from Atletico Madrid
On his side's return to the Premier League , Jokanovic said: 'Our principal objective and target must be to stay up. A Premier League club has officially announced the signing of two FC Barcelona stars.

Plane stolen by 'suicidal' employee crashes near Seattle
The incident fell under the ongoing mission of Noble Eagle, the air defense mission launched after the 9/11 attacks, Hillier said. The National Transportation Safety Board , Federal Aviation Authority and FBI have all been notified, Alaska Airlines said.

43 killed in Saudi-led airstrikes on Yemen
Colonel Turki al-Malki, a spokesman for the Saudi-led coalition, said the missile strike was aimed at a " legitimate target". The Huthis have in recent months ramped up missile attacks against Saudi Arabia, which Riyadh usually says it intercepts .

First Lady Melania Trump's parents become U.S. citizens
The Times noted that the couple would have to have their green cards for five years to become eligible for citizenship. Viktor and Amalija Knavs listen as their attorney makes a statement in New York , Thursday, Aug. 9, 2018.

Tottenham's Mauricio Pochettino happy with squad despite no signings
Paul Merson is backing Tottenham Hotspur to finish in fourth place ahead of Arsenal in the Premier League table this season. To keep our best players was our objective and goal and we have achieved that - at the moment.