Musk in talks with Saudi fund, others on Tesla buyout

Tesla's Slow Disclosure Raises Governance Social Media Concerns

He said the Saudis were interested "because of the important need to diversify away from oil" and added that the sovereign fund "has more than enough capital needed to execute on such a transaction".

"This is why I referred to "funding secured" in the August 7th announcement". The SEC has asked Tesla for more details about Musk's tweets and proof that he has secured the necessary funding for the transaction.

Meanwhile, Musk faces scrutiny of his tweet on secured funding.

Embattled electric vehicle manufacturer Tesla racked up its third class-action suit, filed today in California's Northern District Court, stemming from freaky and potentially unfounded tweets sent last week by CEO Elon Musk. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia's Public Investment Fund.

The New York Times reports that Tesla board members were shocked by Musk's recent tweets about taking the company private once stock price reached $420 a share.

Shares in Tesla, which are still well below highs hit when Musk initially raised the prospect of the transaction last week, inched up 0.7% in trading before the bell.

Earlier in the day, he said Saudi Arabia first approached him with interest in taking Tesla private early previous year.

The committee has the authority to evaluate and negotiate a potential deal, or any alternatives proposed by Mr. Musk, on the board's behalf, Tesla said. The agency declined to comment. Those overtures continued, culminating in a meeting on July 31, Musk said.

The decision to announce the plan, which Musk has since expanded upon, via Twitter "had not been cleared ahead of time with the company's board", The Times wrote.

Denholm, the first woman to join Tesla's board, is chief operations officer of telecom firm Telstra and the ex-CFO of network gear maker Juniper Networks.

One director, Steve Jurvetson, is now on leave of absence following allegations of sexual harassment.

Mashable Tech Editor Pete Pachal on the fallout from Tesla CEO Elon Musk's tweet about potentially taking the company private.

Latham and Watkins LLP has been retained by the committee as its legal counsel.

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