Tesla Inc Chief Executive Officer Elon Musk said the Saudi Arabian sovereign wealth fund has expressed support for funding a deal that could take the electric car maker private.
Musk last week shocked investors with his announcement on Twitter to take Tesla private for $72 billion, but provided no details on funding except that it was “secured”.
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
“Going back almost two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private,” Musk wrote in a blog post
The tech billionaire said that recently, after the Saudi fund bought almost 5 per cent of the Tesla stock through public markets, they reached out to ask for another meeting.
Musk also said that before anyone is asked to decide on going private, full details of the plan will be given, including proposed nature ans source of funding.
Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote. https://t.co/bIH4Td5fED— Elon Musk (@elonmusk) August 7, 2018
He also added that a special committee for the evaluation process to be undertaken by the board is already in the process of being set up.
Musk said they continue to have talks to have talks with the Saudi fund, while also having discussions of other investors.