Tesla, Elon Musk sued and official enquiries made over Twitter claims

Tesla, Elon Musk sued and official enquiries made over Twitter claims

It comes after Mr Musk publicised plans to take Tesla private for $420 (£329) a share, a deal that would value the company at $82bn, including debt. They then held several additional meetings with me over the next year to reiterate this interest and to try to move forward with a going private transaction. The PIF sees its investment in Tesla as a strategic way for the world's biggest crude producer to hedge against oil, said the people, who asked not to be identified. The Securities and Exchange Commission is investigating Musk's disclosure of the potential deal, according to reports earlier this week. The other suit claims that with media reports confirming the dozen banks and investor funds usually involved in Silicon Valley tech deals were not committed to fund a Tesla buyout, Musk's tweet was false and dishonest.

August 13, 2018, 3:38 p.m. CEST Shortly after this post was published, Elon Musk posted a note on the Tesla website, confirming that Saudi Arabia is interested in financing Tesla going private.

His comments in which he said he is considering taking the green auto maker private for $420 a share shocked Wall Street and sent Tesla stock surging. Musk has said he still expects to own about 20 percent of Tesla after any transaction, and that he hopes all shareholders will remain owners of a private company.

Tesla shares were little changed at US$355.16 as of 10:29 a.m. on Frankfurt's Tradegate, before the USA market opens. The discussions failed to progress due to disagreements over ownership.

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Tesla was reportedly courted by Japan's SoftBank in April of a year ago, though sources told Bloomberg on Monday that the conglomerate isn't planning to participate in deals for Tesla's buyout as it has already vested interest in other auto makers and autonomous vehicle programmes, like General Motors. "I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base".

Musk and advisers are seeking a wide pool of investors to back a potential deal.

In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a "nuclear attack" created to "completely decimate" short-sellers. The goal is to reduce imports, increase exports, encourage foreign investments and provide jobs.

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