When Tesla CEO Elon Musk said he had “funding secured” for a plan to take the company private, he was referring to the Saudi Arabian sovereign wealth fund — whose executives had been pressing him for almost two years to take such a step.
That’s according to an update that Musk posted to Tesla’s website today. The update sheds more light on Aug. 7’s cryptic and seemingly sudden tweets revealing that he was considering a plan to buy up shares from whoever wanted to sell, at a premium price of $420 a share.
