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posted by chromas on Monday August 13 2018, @09:21PM   Printer-friendly
from the $ dept.

Musk Says 'Funding Secured' Claim Sparked by Saudi Meeting

Elon Musk said interest from Saudi Arabia's sovereign wealth fund gave him the confidence to drop the bombshell last week that he was considering taking Tesla Inc. private. The Saudi Kingdom's Public Investment Fund had approached Musk going back almost two years about taking Tesla off the market, he wrote in a blog post Monday, confirming that the fund recently bought an almost 5 percent stake. Musk described a July 31 meeting in which the Saudi fund's managing director expressed regret that Tesla hadn't moved forward with a go-private transaction.

[...] Several investors have since sued Musk and Tesla, claiming the company's share price had been manipulated. The Securities and Exchange Commission is said to be intensifying its scrutiny of the company and its chief executive officer after having started gathering general information about Tesla and Musk's earlier public pronouncements about manufacturing goals and sales targets.

One of Tesla's biggest critics, Vertical Group analyst Gordon Johnson, read Musk's blog post as a walk-back maneuver from his "funding secured" tweet last week. He cited Musk's statement Monday that the Saudi fund's support for taking Tesla private was "subject to financial and other due diligence and their internal review process for obtaining approvals." "He is specifically stating that funding is not secured, and I think that's a big deal," Johnson, whose $93 price target on Tesla shares is the lowest among Wall Street analysts, said on Bloomberg Television. "The question then becomes, what does the SEC do here, and do the shareholders stick with him?"

Also at CNBC.

Previously: Elon Musk Considers Taking Tesla Private


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  • (Score: 0) by Anonymous Coward on Tuesday August 14 2018, @08:56AM (1 child)

    by Anonymous Coward on Tuesday August 14 2018, @08:56AM (#721288)

    we need to flip this wagon around before the next generation thinks this shit is normal.

    You mean it isn't yet? The US has been run by corporations since at least the '80s. Between big oil, the military industry, the MAFIAA or the banks, I don't see any occasion in my lifetime that the US was ruled "by the people, for the people".

  • (Score: 4, Insightful) by c0lo on Tuesday August 14 2018, @01:09PM

    by c0lo (156) Subscriber Badge on Tuesday August 14 2018, @01:09PM (#721344) Journal

    I don't see any occasion in my lifetime that the US was ruled "by the people, for the people"

    But it is... for certain values of people.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford