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Elon Musk says Saudis will back Tesla privatization

Elon Musk with Tesla Semi and Roadster
Tesla CEO Elon Musk introduces the Semi truck and an updated Roadster at an unveiling event in 2017. (Tesla via YouTube)

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.

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By Alan Boyle

Mastermind of Cosmic Log, contributing editor at GeekWire, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.

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