Tesla: Elon Musk says more about Saudi lead
(CercleFinance.com) - The Saudi Arabian sovereign wealth fund has approached Tesla's CEO Elon Musk several times for almost two years now about taking Tesla private, Musk said on Monday.
In an "update" on the tweet he published last week, the boss of Tesla said the Saudi sovereign fund "has more than enough" capital needed to execute such a transaction.
Moreover, there is no question that a deal with the Saudi sovereign fund could be closed, Elon Musk said.
According to Musk, reports that over 70 billion dollars would be needed to take Tesla private dramatically "overstate" the capital requirement.
Indeed, the billionaire estimates that approximately two-thirds of shares owned by all current investors would actually roll over into a private company, which would significantly limit the amount of the transaction.
Following these new comments, the Tesla share was up 1.8% on the New York Stock Exchange this Monday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In an "update" on the tweet he published last week, the boss of Tesla said the Saudi sovereign fund "has more than enough" capital needed to execute such a transaction.
Moreover, there is no question that a deal with the Saudi sovereign fund could be closed, Elon Musk said.
According to Musk, reports that over 70 billion dollars would be needed to take Tesla private dramatically "overstate" the capital requirement.
Indeed, the billionaire estimates that approximately two-thirds of shares owned by all current investors would actually roll over into a private company, which would significantly limit the amount of the transaction.
Following these new comments, the Tesla share was up 1.8% on the New York Stock Exchange this Monday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.