Saudi Arabia might be interested in helping Tesla go private

Tesla has been targeted by short-sellers- the hedge fund managers Jim Chanos and David Einhorn in particular- who are betting on the company's failure

His comments in which he said he is considering taking the green auto maker private for $420 a share shocked Wall Street and sent Tesla stock surging.

On Tuesday he tweeted that he had secured funding to buy all Tesla shares and take the company private.

The tycoon said he left a meeting with wealth fund officials on July 31 with no question that the deal could be closed - which is why he tweeted on August 7 that funding had been "secured".

"Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible", Musk wrote. Musk has said he still expects to own about 20 percent of Tesla after any transaction, and that he hopes all shareholders will remain owners of a private company.

The 47-year-old investor and engineer stunned financial markets on Tuesday when he said on Twitter that he was considering a take-private deal for Tesla, an auto manufacturing pioneer that developed the world's first luxury all-electric sedan vehicle.

Tottenham boss Pochettino happy to keep Alderweireld
Speaking about any possible incomings, the Tottenham manager said in a press conference: "I think it's so hard now". That is the key this season". "I am the boss and if I expect you to do something then you need to provide it".

He also said most of the capital needed to go private would be funded by equity rather than debt, "meaning that this would not be like a standard leveraged buyout structure commonly used when companies are taken private", adding that he didn't want to saddle the company with massive additional debt. The comments, along with wide reaching speculation that SoftBank was an obvious candidate to invest in Tesla, coincided with a decline in the group's Tokyo-listed shares on Friday. Second, with $230 billion in assets and big ambitions, it is one of few entities that can actually finance Tesla going private, which might cost up to $72 billion.

In a separate class-action lawsuit also filed in federal court in San Francisco, William Chamberlain contends Musk "materially" misled investors between August 7 and August 10 claiming investor support for the deal was secured and that the funding was in place. "So the potential investor must be patient and strategic-looking".

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is in talks with Tesla about becoming a significant investor as part of the move towards privatisation, sources with knowledge of the fund's plans told Bloomberg on Sunday. As a result, PIF itself chose to buy around $2 billion in Tesla shares, reportedly with the help of an investment bank.

The Saudi government is planning to turn the PIF into a US$2 trillion powerhouse to help diversify the kingdom's oil-dependent economy.

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