Tesla forms three-member panel to look at any Musk deal

Tesla forms three-member panel to look at any Musk deal

Musk said that the Saudi Arabian sovereign wealth fund "has approached me multiple times" starting in early 2017 about taking Tesla private and had already taken a stake of almost five percent though share purchases. Funding to take the company private is apparently secured as well.

Bloomberg had reported earlier on Tuesday that Goldman was not tapped as an adviser when Musk revealed the go-private plans last week.

What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the US, noted the paper.

The billionaire says the Saudis have been pushing him to take Tesla private for nearly two years, promising to back him up should he make this decision.

The first such suit was filed Friday by Tesla short seller Kalman Isaacs, who contended that the tweets were exclusively meant to manipulate the company's stock price - a move that's estimated to have cost Isaacs and those making similar bets upwards of $US1 billion ($1.4 billion).

"Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction", he wrote.

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On Monday, he said financing had been discussed with Saudi Arabia.

Goldman Sachs declined to comment. "The $420 buyout price would only be used for Tesla shareholders who do not remain with our company if it is private".

Tesla said in its statement on Tuesday the special committee had the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk.

The board said the committee's members are Brad Buss, Robyn Denholm and Linda Johnson Rice, and that it has hired Latham & Watkins LLP as the committee's legal counsel. It was Tesla's last big deal and was criticized by some on Wall Street because the company, founded by two of Musk's cousins, had seen its business shrink before the takeover.

Buss is the former chief financial officer of SolarCity, Musk's renewable energy company. Rice, the first African-American and second woman to join the board, is CEO of Johnson Publishing Company and Chairman Emeritus of EBONY Media Holdings, the parent of EBONY and Jet brands, according to Tesla's website. The company has separately retained Wilson Sonsini Goodrich & Rosati for legal counsel.