Musk Confirms Saudi Sovereign Fund Wants To Pull Tesla Off Market

Concerns around oil supply disruptions may have eased after Saudi Arabia and Russia raised the possibility of releasing more oil into the market

Tesla has not received a formal proposal from its founder Elon Musk to take the company private, its board of directors has said.

On Monday, he said financing had been discussed with Saudi Arabia.

Shares in Tesla, which are still well below highs hit when Musk initially raised the prospect of the transaction last week, inched up 0.7 percent in trading before the bell.

Earlier, Musk wrote that in late July, he met Saudi Arabian sovereign fund representatives to discuss the electric carmaker's possible exit from the stock market.

File photo of Elon Musk. Musk wrote that he tweeted the plan August 7 after "it was clear to me that the right thing to do was announce my intentions publicly".

Musk's disclosure, made in a blog post on Tesla's website, comes six days after the Silicon Valley billionaire shocked investors with a post on Twitter saying he was considering taking Tesla private at $420 a share and that funding was "secured".

Liverpool refer Salah to police after driving incident
While rival fans argued that Salah behaved arrogantly towards the fans, his supporters said that he was entitled to his privacy. Mr Salah keeps focused on the device, ignoring fans surrounding his auto in hopes of autographs and pictures.

Saudi Arabia's Public Investment Fund (PIF) manages more than $230 billion in assets, but about 65 percent of that is stakes in large Saudi companies and most of the rest has been committed in overseas deals such as funding commitments to Blackstone Group LP's USA infrastructure fund or SoftBank Group Corp's Vision Fund. In his proposal, existing shareholders could remain as they are in a private Tesla, or agree to the buyout amount per share.

He added that most capital for the deal would come from equity and it would not be "wise" to burden the company with added debt.

Since going public on Twitter, Musk said he has "continued to communicate with the managing director of the Saudi fund", and that "he has expressed support for proceeding subject to financial and other due diligence and their internal review process for obtaining approvals".

PIF officials have said in the past that decisions at the sovereign wealth fund are made with care, emphasizing corporate governance. Bloomberg's sources also came to a similar conclusion over the weekend, although separate people familiar with the matter told Reuters that it is unlikely that the Saudi fund is a credible candidate as SoftBank Group, one of its investments, is backing rival firm General Motors Co.

The billionaire says the Saudis have been pushing him to take Tesla private for nearly two years, promising to back him up should he make this decision.

Related News:

  • United States  intelligence agencies say Putin-Trump meeting exceeded Russia's expectations

    United States intelligence agencies say Putin-Trump meeting exceeded Russia's expectations

    Some experts played down the effect of the Russian action, saying Moscow was not a major holder of USA debt. By comparison, China owns about $1.2 trillion of US debt.
    Turkish lira plunges as Erdogan blames crash on 'political plot' against Ankara

    Turkish lira plunges as Erdogan blames crash on 'political plot' against Ankara

    The currency drop will also increase the cost of living for people in Turkey by making imports more expensive. The Turkish stock market has also fallen 17%, while government borrowing costs have risen to 18% a year.
    100 security men, 20 civilians die in Afghan Taliban offensive

    100 security men, 20 civilians die in Afghan Taliban offensive

    The Taliban swiftly responded, saying the government's claims were "baseless" and that talks were "under way for their surrender". According to officials, around 1,000 troops have been sent to the area to prevent it from falling to Taliban rule.
  • Erdogan says US set deadline for pastor's release

    US crude fell 0.47 percent to $67.31 per barrel and Brent was last at $72.76, down 0.07 percent on the day. EMini futures for the S&P 500 edged up 0.2 percent, while 10-year Treasury yields held at 2.88 percent.

    Liverpool refer Mohamed Salah to police over driving while on phone

    Merseyside Police confirmed: "We have been made aware of a video believed to show a footballer using a mobile phone while driving".
    David Silva retires from global  football with Spain

    David Silva retires from global football with Spain

    The 31-year-old made the last of his 102 worldwide appearances in Spain's World Cup last-16 loss to Russian Federation . Silva represented his country on 125 occasions, scoring 35 times in an worldwide career that spanned 12 years.
  • ConCourt rules Abrahams appointment invalid

    ConCourt rules Abrahams appointment invalid

    President Cyril Ramaphosa has three months to appoint a new head of the National Prosecuting Authority (NPA). Nxasana's appeal was upheld and his explanatory affidavit admitted. "I'm glad about the judgement".
    Finau ties PGA record with 10 birdies at St. Louis

    Finau ties PGA record with 10 birdies at St. Louis

    Open Champion Brooks Koepka tied a PGA Championship record with his 63 on Friday, another 2018 major victor struggled. It's the second year in a row Watson failed to make the weekend at the PGA Championship .
    Hue Jackson has odd discipline for Browns rookie

    Hue Jackson has odd discipline for Browns rookie

    Make him play as long as he could. "There were a couple of times he kept waving to come out, and we said, 'No, stay in there'". Callaway didn't inform the Browns of the incident and they didn't find out until days later when the news was reported.
  • Barcelona president Josep Maria Bartomeu refuses to rule out Paul Pogba move

    Barcelona president Josep Maria Bartomeu refuses to rule out Paul Pogba move

    Asked about the differences between playing for France and playing for United, Pogba said: " I am the same, but it's a different team, obviously ".
    CalFire: Firefighter in Mendocino Complex Fire dies, River Fire 100% contained

    CalFire: Firefighter in Mendocino Complex Fire dies, River Fire 100% contained

    Yosemite National Park will reopen Tuesday, 14 days after a wildfire choked the park with smoke at the peak of tourist season. A total of eight people have been killed in connection with the Carr Fire , including two firefighters and four civilians.

    Donald Trump: There Is No Tape, N-Word Not in My Vocabulary

    Several signees said McGahn made it clear that the agreement was not ultimately enforceable, and was meant only to placate Trump. Kelly came on board he told me she was a loser & nothing but problems. "So she's very well advised to get legal counsel".


Most liked

Google Pixel 3 XL has a 6.7-inch screen & 3,430mAh battery
Now, I'm not saying that this is definitely not a Google Pixel 3 XL , but I am saying that things are not quite adding up. Finally, the Google Pixel 3 XL is powered by the Qualcomm Snapdragon 845 chipset, along with the Adreno 630 GPU.

Lynx Star Lindsay Whalen Announces Retirement from WNBA
She led the Gophers to the 2004 Women's Final Four, after which she was the No. 4 overall pick in the WNBA draft by the Sun. Whalen also has appeared in 81 playoff games, with averages of 11.7 points, 4.1 assists, and 3.4 rebounds.

Vienna Takes Home Title Of World's Most Liveable City
Below is a ranking of the top and bottom cities surveyed, accompanied by the liveability rating for every city. Its many green spaces include lakes with popular beaches and vineyards with sweeping views of the capital.

New Mexico family saw dead boy as guide for future attacks - prosecutors
The children had been given weapons training "in furtherance of a conspiracy to commit school shootings", prosecutors have said. Prosecutor John Lovelace said the 3-year-old boy died during "a religious ritual" meant to "cast out demonic spirits".

Ben Stokes NOT GUILTY: England cricketer cleared of affray
England cricketer Ben Stokes walks out of Bristol Crown Court during a lunch break where he is on trial accused of affray . A third man, Ryan Hale, 27, was acquitted of the charge last Thursday on the directions of the judge, Peter Blair QC.

Trump calls Omarosa a ‘dog’ as war over salacious memoir explodes
Manigault Newman , the former White House liaison to black voters, writes in her new memoir that she'd heard such tapes existed. Omarosa may be able to play with Trump , but Ryan makes it clear that she won't be toyed with.

Bethenny Frankel breaks silence on Dennis Shields' death
I will miss that! Also below, Dennis opened up about his relationship with Bethenny just days before his passing. The couple met in 1988 when he dated and eventually married the reality star's high school friend, Jill .

Turkish Lira crash hits Japanese retailers - Nikkei Review
Tensions between the US and Turkey , both North Atlantic Treaty Organisation allies, have reached new heights in the past week. Turkey says that the pastor is linked to the banned Kurdistan Workers Party, which Turkey blames for a failed coup in 2016.

Property owner questions timing in compound raid
That changed when a note was forwarded to Georgia authorities saying children inside the compound were starving, Hogrefe said. But the missing boy for whom authorities were searching - the younger Siraj's son - was not found in the raid.

Oppo R17 with in-screen fingerprint scanner specs revealed in China
For connectivity, the phone employs dual 4G LTE, Bluetooth 5, WiFi, NFC, GPS, GLONASS, dual SIM and USB Type-C port. The front of the device is home to a 25MP selfie shooter with Sony IMX576 sensor and f/2.0 aperture.

Paul Pogba's Latest Comments Hint At Troubled Relationship With Mourinho
Meanwhile, Mourinho was frustrated at the club's failure to bring in extra defensive bodies ahead of the transfer deadline. United went on to win 2-1, with Pogba, fresh from a World Cup-winning campaign that he was lauded for, scoring the opener.

I would have left Chelsea if Antonio Conte was still boss - Willian
Willian did not see eye-to-eye with the former Italy boss and admits he would have looked to leave Chelsea if Conte stayed for a third season.

Bethesda Talks A Stronger Line On Cross-Play
Hines went a step further to state that Elder Scrolls: Legends won't be on any system that doesn't support cross-play. The expansion is set to hit on August 13 for PC players and August 28 for those on PlayStation 4 and Xbox One.

Indian Rupee hits fresh record low of 69.61 per United States dollars
The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year. Cadila Healthcare slipped more than 6 percent on lower-than-expected USA sales, a Mumbai-based analyst said.

Washington US House race likely to feature 2 Democrats
Democrats need to pick up 23 seats in November to retake the House, but it'll be hard if they lose districts they now hold. This may be one more reflection of the increased enthusiasm among Democrats during the 2018 election cycle.