Saudi Arabia might be interested in helping Tesla go private

Jean-Claude Juncker Li Keqiang and Donald Tusk

Two class-action lawsuits have been filed against Tesla and its outspoken CEO Elon Musk, who announced on Wednesday the company had "secured" funding to delist itself.

While Tesla CEO Elon Musk teased last week about taking the company private, several suitors may have already been courting the electric auto giant months ago.

Tesla Inc and Chief Executive Elon Musk were sued twice on Friday by investors who said they fraudulently engineered a scheme to squeeze short-sellers, including through Musk's proposal to take the electric auto company private. The 47-year-old, who also serves as chairman of Tesla, would prefer to amass a group of investors who could each contribute part of the funds because he wants to avoid having one or two large new stakeholders in the company, separate people familiar with the details said Friday.

Musk last week shocked investors with his announcement on Twitter that he was looking to take Tesla private at $420 a share, valuing the company at $72-billion.

Discussions over taking Tesla private have failed before.

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

More news: Unai Emery explains Arsenal’s "aggressive" plan to become Premier League champions again

Musk and advisers are seeking a wide pool of investors to back a potential deal.

His comments in which he said he is considering taking the green vehicle maker private for $420 a share shocked Wall Street and sent Tesla stock surging. The Securities and Exchange Commission is investigating Musk's disclosure of the potential deal, according to reports earlier this week. The group's Vision Fund - an nearly $100 billion pool of capital dedicated to investing in the industry - has recently invested in coworking company WeWork Co. and food-delivery service DoorDash Inc.

For Saudi Arabia, an investment in Tesla could act as a hedge against the long-term decline of oil.

A Tesla investment would add to the Saudi fund's long growing list of high-profile purchases. The Saudi fund hasn't made any firm decisions on whether to increase its stake, or by how much, but talks are ongoing, sources told Bloomberg. He later tweeted that investor support was already confirmed.

Wall Street is awash with speculation on who might team up with Musk to do a deal.

Related News:

  • Intel 9th Gen Processors Said To Launch On October 1st

    Intel 9th Gen Processors Said To Launch On October 1st

    To me this slide looks a bit dodgy as the Trademark/Family name row says that the i7-9700K is part of the Intel Core 17 family. The Core i9-9900K has a base clock of 3.6 GHz, which can be boosted up to 5.0GHz in single and dual cores.
    Dozens killed as weapons depot explodes in Syria

    Dozens killed as weapons depot explodes in Syria

    On Friday, 12 civilians, three of them children, were killed in regime bombardment of the towns of Khan Sheikhun and al-Tah. Idlib is Syria's last major rebel-held area and is expected to the next target for the government's military.
    Erdogan warns Turkey's partnership with United States  'in jeopardy'

    Erdogan warns Turkey's partnership with United States 'in jeopardy'

    Erdogan on Friday held telephone talks with Russian President Vladimir Putin , discussing economic and trade issues as well as the Syria crisis.
  • Koepka joins golf greats with US PGA win

    Koepka joins golf greats with US PGA win

    They both missed 6-foot birdies on the 17th, and Scott had to settle for third when he bogeyed the final hole for a 67. Louis . "I didn't know how many tournaments I would play this year or if I would even play".
    Family, friends remember former Wasilla man who stole commercial airplane

    Family, friends remember former Wasilla man who stole commercial airplane

    Jesus is truly the only one holding this family together right now. 'He was a faithful husband, a loving son and a good friend'. Horizon Air chief executive Gary Beck said at a news conference it was not clear how he was able to take off and fly as he did.
    England beat India by an innings and 159 runs

    England beat India by an innings and 159 runs

    Performing equally well, pacer Chris Woakes dismissed 2 batsmen, while Stuart Broad and Sam Curran clinched 1 wickets each. Rahul square-drove Stuart Broad for four but he fell for 10 when, playing across the line, he was lbw to Anderson.
  • Koepka beats Tiger Woods to win US PGA

    Koepka beats Tiger Woods to win US PGA

    Koepka has only one non-major PGA Tour title on his resume, but Australia's Scott said that was not the worst thing in the world. Playing out of it required a strong hook shot to the left to avoid two bunkers and darned if he didn't pull it off.
    Video of Baltimore Police officer punching man goes viral

    Video of Baltimore Police officer punching man goes viral

    The police department will review the body camera footage of the officer responsible and that of another cop who was on the scene. Smith said the Office of Professional Responsibility "immediately" began investigating after learning of the video.
    England swing kings seal second Test rout of India

    England swing kings seal second Test rout of India

    The very next ball Broad trapped Dinesh Karthik LBW to reduce India to 61-6 as England closed in on a devastating victory. India's captain struggled with back pain before being caught at bat pad by debutant Ollie Pope. "He was outstanding.
  • ‘We need to stay together’: Pochettino proud as Spurs make a stand

    ‘We need to stay together’: Pochettino proud as Spurs make a stand

    Kenedy was guilty of squandering arguably Newcastle's best chance of drawing level midway through the second half. A back post header by Jan Vertonghen hit off the bar and was confirmed by goal-line technology.
    Why Pogba tight-lipped over United situation

    Why Pogba tight-lipped over United situation

    Pogba said "everybody was on the same page" in the France dressing room, from manager Didier Deschamps to the staff and players. I played for the first team. "Every team is a good team, forget the name, forget the history, forget the shirt".
    Consumer prices up 2.9 pct, leaving Americans worse off

    Consumer prices up 2.9 pct, leaving Americans worse off

    It tries to do that by raising interest rates, which makes it more expensive to borrow money and tends to cool economic activity. The core reading brought the three-month annualized gain to 2.3 percent, after rising 1.7 percent in June.


Most liked

Speculation rife that Apple IS planning to build a driverless vehicle
According to the Financial Times , Tesla's Musk once described Apple's auto project as the "Tesla graveyard". Field's return now gives hope that Apple could still realize their ambitious " Project Titan ".

Asia shares, euro pressured by Turkish crisis
The lira did find a sliver of support when Turkey's central bank said it had lowered reserve requirement ratios for banks. Last week, a Turkish delegation went to Washington and met United States counterparts but there was no breakthrough.

Fortnite: Snobby Shores treasure map location
The Snobby Shores map challenge is complicated simply by the fact that the map randomly spawns in the Snobby Shores area. If players go to Haunted Hills and face the chapel, there will be a building right next to it, to their left.

'Absolutely pathetic' - Alexander Zverev in remarkable rant after Stefanos Tsitsipas shock
Nadal later announced that he would skip a Masters tournament in Cincinnati this week to rest and get ready for the U.S. Ranked No. 168 this week a year ago, Tsitsipas will climb to at least No.15 on Monday.

Paul Pogba: Manchester United icons helped me become a leader
Paul Pogba says he will not reveal how he feels about his situation at Manchester United for fear of being punished by the club. And he knows if he lifted the lid on his uneasy alliance with Mourinho in public he'd be hammered with a club fine.

Orca abandons dead calf after 17-day vigil
An audio recording from earlier this month apparently featured the mother's "mournful and prominent" calls, Q13 Fox reported. The SRKW's decline is linked to the reduction in population of its primary food source, Chinook salmon.

Aretha Franklin 'gravely ill’ and ‘preparing for death’ in hospital
Last November, she was the subject of a death hoax online but insisted she was "doing well" when she spoke up to deny the reports. Her last performance as on November 2, 2017 for the Elton John AIDS Foundation in NY .

Turkey's central bank launches economic-stability plan
Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists. Erdogan had on Saturday described interest rates as a " tool of exploitation ", in remarks unlikely to impress the markets.

Ronaldo scores first competitive goal for Juventus in pre-season friendly
Juventus winger Douglas Costa confirmed this week that Cristiano Ronaldo is "impossible to follow" in training. It took the five-time Balon d'Or victor just eight minutes to get his name on the scoresheet for the Old Lady.

Erdogan says lira crash political plot against Turkey
Erdogan mentioned the deadline in comments he made Sunday to his supporters in Trabzon, according to Reuters . He also branded interest rates as a "tool of exploitation" which should be kept as low as possible.

Unai Emery reveals what he said during team talk vs Man City
Unai Emery has a real job on his hands at Arsenal judging by Sunday's 2-0 defeat to reigning champions Manchester City . However, Wanderers will be disappointed it was not more having played against 10 men for the majority of the game.

Will clouds obscure your view of the Perseid meteor shower?
Lucky observers may see the occasional meteor sailing across the sky for several seconds, leaving behind a trail of glowing smoke. To make the best of the meteors, observers should avoid built-up areas and try to find an unobstructed view to the east.

Erdogan says crash of lira ‘political plot’ against Turkey
Last week, a Turkish delegation went to Washington and met USA counterparts but there was no breakthrough. In a tweet, he said he was imposing duties of 20 per cent on Turkish aluminium and 50 per cent on steel.

Jordan Spieth loses his cool at PGA Championship
Even with 17 players separated by three shots at one point on the front nine, everyone had to catch Koepka, Woods included. He would par the par 5 and arrive at the 18th green three strokes behind Koepka to chants of "Let's go, Tiger".

Kavanaugh Confirmation Hearing to Start Sept. 4
If Brett Kavanaugh was fit to be on the Supreme Court, Senate Republicans would have no issue releasing his full records. The chairman said the committee still expects to receive hundreds of thousands of additional pages of documents.