Who Will Fund Elon Musk's Tesla Takeover? It Could Be Saudi Arabia

Giant Saudi fund emerges as backer of bid for Elon Musk's Tesla

Saudi Arabia's Public Investment Fund (PIF) has shown no interest so far in financing Tesla Inc CEO Elon Musk's proposed $72 billion deal to take the USA electric auto maker private, despite acquiring a minority stake in the company this year, two sources familiar with the matter said. Musk and SoftBank Group's Masayoshi Son held talks past year that touched on taking Tesla private, two people with knowledge of the discussions have said.

On Tuesday he tweeted that he had secured funding to buy all Tesla shares and take the company private.

"The question is still around Tesla's future sales".

Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla. Shares were up two cents to $355.51 in morning trading.

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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.

SoftBank isn't planning to participate as a potential source of capital in a deal taking Tesla private, according to people with knowledge of that matter who asked not to be identified as the details aren't public. During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time.

The proposed class period in Isaacs' lawsuit runs from the afternoon of Aug. 7 through the next day, and in Chamberlain's lawsuit runs from Aug. 7 to Aug. 10.

Musk last week shocked investors with his announcement on Twitter that he was looking to take Tesla private at US$420 a share, valuing the company at US$72 billion. It wasn't immediately clear how much the fund would invest in Tesla.

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He wrote that in the blog and the August 7 tweet that he was speaking for himself as a potential bidder for the company. "I understood from him that no other decision makers were needed and that they were eager to proceed".

The Saudi fund's talks began before the controversial August 7 tweet in which Musk said he was weighing a plan to take the company private.

Musk also wrote that the Saudis are interested in the company because they want to diversify away from oil. He also said that by taking the electric vehicle company private it would end "negative propaganda from shorts".

What are the next steps?

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Six members of Tesla's board said in a statement Wednesday that Musk started a discussion about a potential deal last week, and that they've met several times since then to evaluate the options. If the board process results in an approved plan, any required regulatory approvals will need to be obtained and the plan will be presented to Tesla shareholders for a vote.

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