Elon Musk Confirms Saudis Will Pay for Taking Tesla Private

Tour of Tesla Factor in Fremont California

Musk said that full details regarding the source of funding would be provided before anyone would be asked to decide on going private but that it was "premature" to share such information on Monday.

On Monday, he said the financing referred to talks he has had with Saudi Arabia's sovereign wealth fund.

"They then held several additional meetings with me over the next year to reiterate this interest and to try to move forward with a going private transaction".

What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the US, noted the paper. The lawsuit alleges that Musk tweeted that message to boost Tesla's stock price and punish those investors who bet against the company.

Meanwhile, Musk faces scrutiny of his tweet on secured funding.

Tesla's board said on August 8 that Musk had held talks with the directors in the previous week on taking the company private.

Musk said that since his Twitter post on the possibility of a deal the managing director of the Saudi fund had expressed support for proceeding subject to financial and other due diligence.

As for the money to be paid by the Saudis should a deal be reached, Musk says the sum is nowhere near the $70 billion the media talks about for the simple reason that the fund will not buy all the company's stock, but only that of the people who do not remain with the company if it is private. The agency declined to comment.

The independent directors are Robyn Denholm, Brad Buss and Linda Johnson Rice. It was Tesla's last big deal and was criticized by some on Wall Street because the company, founded by two of Musk's cousins, had seen its business shrink before the takeover.

Buss was chief financial officer of solar panel installer SolarCity for two years before retiring when Tesla paid $2.6 billion for the sales and installation firm in 2016.

Tesla's other board members include Musk; his brother Kimbal Musk; Twenty-First Century Fox's CEO James Murdoch; Antonio Gracias, founder of Valor Equity Partners; and Ira Ehrenpreis, founder of venture capital firm DBL Partners.

Elon Musk said via Twitter on Monday evening that he was working with Goldman Sachs and Silver Lake as financial advisers on a proposal to take Tesla private.

The special committee has retained lawyers - Latham & Watkins - in addition to a legal team used by the company.

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