Economy

Goldman, Silver Lake Advice Tesla On Going Private Plan

Goldman, Silver Lake Advice Tesla On Going Private Plan”

The chief executive of the electric auto company said earlier on Monday that the manager of Saudi Arabia's sovereign wealth fund had voiced support for the company going private several times, including as recently as two weeks ago, but also said that talks continue with the fund and other investors.

He later tweeted he was working with buyout firm Silver Lake and investment bank Goldman Sachs as financial advisers on his plan.

On August 2, Musk notified the Tesla board about his intention to take Tesla private at US$420 per share - a 20% premium.

In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.

Since going public on Twitter, Musk said he has "continued to communicate with the managing director of the Saudi fund", and that "he has expressed support for proceeding subject to financial and other due diligence and their internal review process for obtaining approvals".

The company Tuesday said the committee hasn't received a formal proposal about a possible deal to go private.

PIF officials have said in the past that decisions at the sovereign wealth fund are made with care, emphasizing corporate governance.

Musk said he will "continue to talk with investors" as he looks into taking the automaker private.

Meanwhile, Musk faces scrutiny of his tweet on secured funding.

Mr Musk's tweet earlier this month had said "funding secured", raising questions about where the financing for any deal might come from.

"No assurances can be given regarding the likelihood, terms and details of any proposal or potential going private transaction, that any proposal made by Mr. Musk. will be accepted by the special committee", the statement said.

Tesla CEO Elon Musk's elaboration on his plan to engineer a buyout of the electric auto maker could get the Silicon Valley maverick into legal trouble by revealing that the deal is far more uncertain than how he initially described it in his brash tweet last week. With little commentary about the financing after that, it prompted uproar including two class action lawsuits and a potential Securities and Exchange Commission inquiry.



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