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Tesla CEO Elon Musk has teased the idea of taking the electric-car company private and said he had “funding secured” for the ambitious move.
On Monday, Musk said in a statement that he interpreted earlier overtures from Saudi Arabia’s Public Investment Fund (PIF) about taking Tesla private as evidence that the group was “eager to proceed.
But reports from The New York Times, The Wall Street Journal, and the Financial Times indicate the fund may not be ready or able to close on such a deal at this time.

In the last week, Tesla CEO Elon Musk has made a series of bold statements — first surprising stakeholders by announcing a proposal to take the company private, then asserting that he had secured funding for such a deal, and finally claiming that Saudi Arabia’s Public Investment Fund (PIF) was on board, and “eager to proceed.”

But multiple sources cited by The New York Times, The Wall Street Journal and the Financial Times have cast doubt on Musk’s claims, alleging that Saudi Arabia has not taken the necessary steps to close on such a deal.

Three sources familiar with the sovereign wealth fund’s workings told The New York Times that the PIF has not prepared a term sheet, nor hired a financial advisor to figure out the logistics of such an ambitious move.

And the fund may not even be able to finance such a large scale move.

Two sources familiar with the PIF’s finances told The Wall Street Journal that they doubt any discussions between Musk and the PIF have gotten very far, as the fund is already struggling to finance its existing commitments.

Saudi Arabia’s Crown Prince has vowed to turn the PIF into “one of the world’s largest sovereign …read more

Source:: Business Insider

      

Hello! Here’s what’s happening on Tuesday.

1. US President Donald Trump slammed his former White House aide Omarosa Manigault for taping conversations. The erstwhile reality TV star has a new book out and has made a number of bold claims about Trump that the White House has already pushed back on.

2. Turkey’s President said US sanctions on his country are a “stab in the back.” The US imposed sanctions on Turkey this month after it refused to release a US pastor, leading Turkey’s currency to plummet.

3. China rejected UN allegations it has detained one million Uyghur Muslims. A UN panel raised concerns about the alleged policy on Friday.

4. US rapper Azealia Banks claims she was at Tesla CEO Elon Musk’s house over the weekend as he was “scrounging for investors.” Musk says he plans to take Tesla private, and is working with Goldman Sachs and Silver Lake to seal the deal.

5. President Trump reportedly has a “bizarre” fascination with French President Emmanuel Macron. Trump has repeatedly boasted about his strong relationship with Macron, and on Friday tweeted he had a “very good phone call”with the leader.

6. The Chinese Navy conducted anti-missile drills in the East China Sea. The drills were reportedly designed to counter potential missile threats from US, Japan, and other potential combatants.

7. Venezuela’s government may be getting ready for another crackdown on the military. Two explosive-laden drones were used to attack Venezuelan President Nicolas Maduro earlier this month.

8. Israel’s Prime Minister attacked UK Labour leader Jeremy Corbyn for attending a memorial service for the 1972 Munich massacre terrorists. The left-wing British politician shot back, attacking Netanyahu over Israel’s human rights record.

9. Google is tracking your movements, according to a new investigation. …read more

Source:: Business Insider