Saudi fund could be part of potential Tesla buyout, reports Bloomberg

Saudi fund could be part of potential Tesla buyout, reports Bloomberg

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Since Elon Musk's surprise tweet announcement hinting at the possibility to make Tesla private again, Saudi Arabia’s sovereign wealth fund has shown interest, according to a report from Bloomberg. Already owning almost 5 percent of the automaker, the Saudi Public Investment Fund is exploring how it can be involved in the potential deal, according to people with knowledge of the fund’s plans.
By eeNews Europe

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But the potential transaction’s staggering $82 billion price tag means Tesla is still likely to need to tap other sources of cash.

Tesla board members are preparing to meet with financial advisers this week to evaluate Musk’s proposal, reports the newspaper. According to CNBC, directors will probably tell Musk, the chairman, to recuse himself, and they’ve told him to hire his own separate advisers. Musk is hoping to avoid having one or two large stakeholders in a company and would instead prefer to gather the funds from a larger group, the people said. Musk owns 20 percent of Tesla, yet more than $60 billion would be needed to buy the business from public shareholders.

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