Elon Musk said that the Saudi fund recently bought Tesla's nearly five percent stake in the stock market, and then the CEO of the fund "strongly expressed his support for private Tesla's involvement".
Elon Musk, President and CEO of Tesla, on Tuesday, confirmed that the Saudi sovereign wealth fund was ready to take part in the stock buy-out of the company's shares.
Elon Musk has spoken for the first time in the matter since his Twitter message of August 7 announcing his intention to release Tesla's stock options at a $ 420 buy-out.
"The Saudi sovereign wealth fund has been proposing Tesla's private bidding several times over the past two years. First they came face-to-face in 2017 to express their interest, "said Musk. "The Saudi sovereign wealth fund clearly has the money needed to conduct the transaction," he added, pointing out that the fund manager does not need any higher approval and is ready to act immediately.
The Saudi sovereign wealth fund, the Public Investment Fund (PIF), is investing $ 230 billion in investment, although it accounts for 65 percent in Saudi companies.
Elon Musk said that the Saudi fund recently bought Tesla's nearly five percent stake in the stock market, and then the CEO of the fund "strongly expressed his support for private Tesla's involvement".
"After our meeting at the end of July, I have no doubt at all that we can handle the transaction at any time, we need only move the process. That is why I announced in my announcement on August 7 that the financial cover for the buyout is available, "Musk said.
Tesla's CEO, however, stressed that he was negotiating with other potential investors on the buy-out financing, which he had "always been intent on", as he sees the future of Tesla as a "broad-based owner base" in addition to the sovereign wealth fund in Saudi Arabia.
Elon Musk has rated the "overdramatized" media reports on over $ 70 billion of buy-ins. He said the $ 420 buy-off rate is only for those who are willing to discard the stock. It is estimated that the owners of two-thirds of the shares traded on the stock exchange will have the option.
(Source: vezess.hu / photo: Autocar.co.uk)