Tesla forms panel to gauge taking company private

Tesla looking to go private with backing of Saudi fund

The board, which announced the committee is composed of three independent directors, said it had not received a formal proposal from Musk on taking the company private and had not come to any conclusion about whether such a move was advisable.

He has given more details - including saying he is working with Goldman Sachs and buyout firm Silver Lake - but is yet to convince Wall Street analysts and investors that he can find the billions needed to complete the deal.

"His suit states that "the fraudulent nature of Musk's statements was uncovered over the next two days when neither Tesla nor Musk substantiated Musk's claim that there was secure financing for a going-private transaction at $420 [$AU577] a share" and causing the stock price to drop from "$379.57 [$AU521] per share, on August 7, 2018, to close at $352.27 [$AU484] per share, on August 9, 2018".

Shares in Tesla inched down 0.2 percent in early trading and have now fallen more than 8 percent from highs hit following Musk's tweet last week.

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. Musk wrote that he tweeted the plan August 7 after "it was clear to me that the right thing to do was announce my intentions publicly".

The Saudi fund intends to sell its $70 billion stake in Saudi Basic Industries to oil giant Aramco, which could free up funds for new deals, but that sale may take months to conclude.

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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".

Yasir Othman al-Rumayyan, managing director of the PIF, referred Reuters to the corporate communications team, which did not immediately respond to a request for comment.

Mashable Tech Editor Pete Pachal on the fallout from Tesla CEO Elon Musk's tweet about potentially taking the company private.

That's led to at least two class-action lawsuits alleging securities violations.

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

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