Saudi investment fund casts doubt on some of Elon Musk’s claims about taking Tesla private

elon musk

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


iOS 12 won’t support group FaceTime calls at launch

Back in June, Apple made a big fuss about group calls coming to FaceTime in iOS 12 – but it looks like the feature won’t arrive for a while yet. 9to5Mac reported that the iOS 12 Developer beta 7’s release notes point to Group FaceTime being pushed to a future software update later this fall. That’s a bummer for folks who have been waiting to try video chatting on their iPhones with up to 32 people at once. The feature is also slated to arrive on macOS Mojave, but it’s safe to assume that this will be similarly delayed, if…

This story continues at The Next Web

Or just read more coverage about: iOS …read more

Source:: The Next Web – Technology


The 10 most important things in the world right now

elon musk

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


Jed Lowrie, Matt Chapman power A’s past Mariners

OAKLAND — Jed Lowrie called it “playoff baseball,” and the A’s all-star second baseman seems to have shifted into postseason gear.

“It should be fun,” Lowrie said before the A’s faced the Mariners on Monday night in the first of 10 meetings between the AL West contenders before season’s end. “There’s a lot of pressure all the way around. I’m not one to judge who’s got more.”

If Lowrie was feeling any heat, he channeled it in a positive fashion, driving in four runs as the A’s held off the Mariners 7-6 in front of an announced crowd of just 10,400 to extend their margin over Seattle and creep closer to division-leading Houston.

Matt Chapman shared the marquee, hitting three doubles to tie a franchise record, including a two-run line drive down the left-field line that stretched Oakland’s lead to 6-1 in the sixth inning. Lowrie following with a pool-cue shot past third base for his second double of the game, scoring Chapman.

With the A’s leading 7-3, reliever Jeurys Familia walked the bases loaded to open the ninth before giving way to closer Blake Treinen.

Treinen allowed one run on a wild pitch, then two more on a single by Mitch Haniger that closed the margin to one run. But he struck out Cameron Maybin and Nelson Cruz to end things.

With their 10th win in the past 12 games, the A’s improved to 71-48 and have a 2 1/2-game margin over the Mariners (69-51) for the second AL wild card spot. The idle world champion Astros (73-46), who come to town for three games beginning Friday, now lead the AL West by just two games.

“The intensity starts to build,” said A’s manager Bob Melvin, whose team won for the 37th time in 49 games. “For us, we had to come a long way to …read more

Source:: The Mercury News – Sports


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