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Musk reveals more details about going private

In a public letter to investors Monday morning, Tesla CEO Elon Musk expanded on details of his plan to take the company private.

Musk announced Aug. 4 on Twitter that he was considering a privatization plan and had funding “secured.”

In the letter Monday, he revealed that he has been in discussions for almost two years with the sovereign wealth fund of Saudi Arabia about taking the company private.

He said he last spoke with the managing director of the nation’s private investment fund July 31, when the director “expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time. I understood from him that no other decision makers were needed and that they were eager to proceed

More www.greencarreports.com/news/1118203_tesla-ceo-elon-musk-reveals-talks-with-saudi-fund-to-take-tesla-private-others-express-doubt

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