Musk published a blog post confirming a report that Saudi Arabia’s Public Interest Fund would be the previously unknown party bankrolling the move to re-privatize…
Musk published a blog post confirming a report that Saudi Arabia’s Public Interest Fund would be the previously unknown party bankrolling the move to re-privatize the company — and revealing that his tweet last week claiming “funding secured” was merely an assumption on his part. “It was just a matter of getting the process moving,” he said.
According to Musk, Saudi Arabian representatives approached him with multiple offers to privatize Tesla via a state-run sovereign wealth fund’s purchase. He wrote:
Musk closed out the post by stating: “I will now continue to talk with investors, and I have engaged advisors to investigate a range of potential structures and options.”
That language is a major departure from a post last week which read, “Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote”
Tesla shares “ jumped 11 percent ” following Musk’s tweets predicting privatization of the company, leading to lawsuits filed by investors and a Securities Exchange Commission (SEC) investigation.
Musk defended his privatization announcement via the aforementioned tweets and email as “the right thing to do” in the interest of public disclosure.
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