Musk in talks with Saudi fund, others on Tesla buyout

Musk in talks with Saudi fund, others on Tesla buyout

Musk also said he was working with the law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisers.

Goldman Sachs Group Inc (GS.N) was still negotiating its terms of engagement with Musk as of Tuesday, according to a person familiar with the matter. Musk said he had the funding secured for a $420-a-share buyout sending the stock soaring.

"The special committee has not yet received a formal proposal from Mr Musk regarding any "going private transaction" nor has it reached any conclusion as to the advisability or feasibility of such a transaction", the company said. "This is why I referred to "funding secured" in the August 7th announcement", said the Tesla billionaire. Their investigation is part of a larger probe into the information Musk provides on Twitter, including sales targets and other goals.

At about the same time he tweeted this, reports of the Saudi Arabian sovereign wealth fund taking an interest in the company, beyond just buying shares on the stock market, surfaced. The agency declined to comment.

Musk's tweet caused a financial firestorm with Tesla shares immediately skyrocketing by nearly 11 percent, although in the coming days they lost a good part of what they had gained.

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The board has given the committee authority to act on its behalf, including negotiating a deal to take Tesla private.

He said that since his Twitter posts on the possibility of a deal the managing director of the Saudi fund had expressed support for proceeding subject to financial and other due diligence. "Among other things, this will allow me to obtain a more precise understanding of how many of Tesla's existing public shareholders would remain shareholders if we became private".

The special committee is composed of independent directors Brad Buss, Robyn Denholm and Linda Johnson Rice. Tesla bought SolarCity that year.

Wall Street had voiced doubts about Musk's ability to pull off what could be the largest-ever go-private transaction, valued at as much as $72 billion.

Latham and Watkins LLP has been retained by the committee as its legal counsel.

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