Elon Musk confirms Saudi Arabian wealth fund IS behind his plan to take Tesla private

Musk said that a Saudi sovereign wealth fund had approached him “several times”


Elon Musk has offered more details on his plan to take Tesla private and said that he has discussed financing the deal with Saudi Arabia.

In a blog post, Elon Musk said he has met with Saudi Arabia’s investment fund for about ‘two years’ about the possibility of a take-private transaction.

He said: “They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil.”

Musk said he felt it was necessary to inform all shareholders of a possible deal.

The blog post comes as SEC investigators are looking into the truthfulness of Musk’s tweets and whether they violated the agency’s fair disclosure rules.

Musk tweeted last week that funding was secured for a possible Tesla buyout.

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