Elon Musk claims Saudis would help him take Tesla private
Elon Musk claims Saudis would help him take Tesla private
Is Elon Musk taking Tesla private
13 August, 2018, 18:22
Therefore, reports that more than $70B would be needed to take Teslaprivate dramatically overstate the actual capital raise needed.
Musk's email to Tesla employees posted on Tesla's website on the day of the tweet explained the rationale for the going-private plan, but Musk has yet to prove that the "funding secured" part of his tweet was true. The country's Public Investment Fund, which has built up a stake of nearly 5 per cent in Tesla in recent months, is exploring how it can be involved in the potential deal, according to Bloomberg.
"The question is still around Tesla's future sales".
Tesla's board has not received a detailed financing plan from Musk and is seeking more information, sources told Reuters on Thursday. The U.S. Securities and Exchange Commission is examining whether the tweet was meant to be factual, according to a person familiar with the matter, and at least two investors have sued Musk and Tesla alleging share-price manipulation.
However, a source who is familiar with PIF's strategy said it was not now getting involved in any funding process for Tesla's take-private deal. Since the meeting, the men have continued discussions and the managing director has expressed support "subject to financial and other due diligence and their internal review process for obtaining approvals", Musk wrote.
Musk has also said he would be looking to keep his ownership of Tesla at around 20 percent in a buyout deal, and that a special goal vehicle, like the one that exists at his aerospace company SpaceX, would allow Tesla shareholders to remain invested if they so choose.
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"They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil".
In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a "nuclear attack" created to "completely decimate" short-sellers. "At this stage, it is hard for Tesla to convince the general investors that delivery will ramp up quickly".
He also is in talks with other investors because he wants Tesla to continue to have a "broad investor base", he wrote. While the entrepreneur owns 20 per cent of Tesla, more than US$60 billion would be needed to buy the business from public shareholders.
Musk said that after discussions on the deal last week with both outside directors and the full board it had been agreed that the next step was for him to consult with major shareholders.
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