Tesla chief executive Elon Musk disclosed today he was in talks with Saudi Arabia's sovereign wealth fund and other investors to take the electric automaker private.
The revelation comes days after Musk's claim in an August 7 Twitter post that financing for a deal to take Tesla private had been "secured." Musk said in a blog post on Monday he had "no question" that the Saudis would finance such a transaction following a July 31 meeting.
The transaction would be structured with equity so as not to burden Tesla with crushing debt, Musk added.
"I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base," Musk wrote.
"It is appropriate to complete those discussions before presenting a detailed proposal to an independent board committee."
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