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Elon Musk: Saudi Fund May Finance Bid to Take Tesla Private

“I continue to have discussions with the Saudi fund,” he wrote.

Tesla CEO Elon Musk said Monday in a blog post on the company’s website that the Public Investment Fund of Saudi Arabia has approached him several times about taking Tesla private. “I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors,” Musk wrote. “It is appropriate to complete those discussions before presenting a detailed proposal to an independent board committee.” He also said that any current shareholders who want to remain with the company when it goes private will be able to, but that the company would be offering buyouts when shares reach $420. He estimated that two-thirds of shareholders would remain with the company. Last week, Tesla’s stock was halted after Musk announced on Twitter that he was considering taking the company private and that he had the “funding secured.” He explained the move in the blog post, saying he tweeted the announcement in order to be “forthcoming” and facilitate “meaningful discussions” with the company’s largest shareholders. “ I am speaking for myself as a potential bidder for Tesla,” he wrote.