Mr. Musk provided greater detail of his efforts to take the company private in a blog posted on Tesla's website Monday.
"The question is still around Tesla's future sales". The U.S. Securities and Exchange Commission is examining whether the tweet was meant to be factual, according to a person familiar with the matter, and at least two investors have sued Musk and Tesla alleging share-price manipulation.
On the day following the tweet, Tesla's Board of Directors members Brad Buss, Robyn Denholm, Ira Ehrenpreis, Antonio Gracias, Linda Johnson Rice, and James Murdoch said that Elon Musk had opened a discussion with the board in the previous week about taking the company private. Musk wrote that since August 7, the fund's managing director has expressed support subject to due diligence.
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The only way I could have meaningful discussions with our largest shareholders was to be completely forthcoming with them about my desire to take the company private. The group's Vision Fund - an nearly $100 billion pool of capital dedicated to investing in the industry - has recently invested in coworking company WeWork Co. and food-delivery service DoorDash Inc. "I understood from him that no other decision makers were needed and that they were eager to proceed", Musk wrote in the blog.
"They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil". He also said that by taking the electric vehicle company private it would end "negative propaganda from shorts".
PIF is in talks to take part in any pool of investors that would fund the buyout, Bloomberg News reported on Sunday, citing people with knowledge of the Saudi fund's plans.
As mentioned earlier, I made the announcement last Tuesday because I felt it was the right and fair thing to do so that all investors had the same information at the same time. Among other things, this will allow me to obtain a more precise understanding of how many of Tesla's existing public shareholders would remain shareholders if we became private. "So the potential investor must be patient and strategic-looking".