Musk says Silver Lake, Goldman advising on taking Tesla private

Elon Musk Reportedly Still Looking For Funding To Take Tesla Private

Tesla looking to go private with backing of Saudi fund

Musk is going full steam ahead and working with financial advisors Silver Lake and Goldman Sachs as well as receiving legal advice from law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson.

Musk's disclosure, made in a blog post on Tesla's website, comes six days after the Silicon Valley billionaire shocked investors with a post on Twitter saying he was considering taking Tesla private at $420 a share and that funding was "secured".

"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.

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

In essence, what was initially considered to be a stupid weed joke has cost Musk the goodwill of Tesla fans (or at least those seeking to profit from his offer to go private at $US420 [$577]), deepened his already contentious relationship with short sellers, led to an SEC investigation, and could potentially cost him losses in court.

Tesla CEO Elon Musk says he's making plans to make the electric vehicle and solar panel maker private, but no deal has been finalized.

On Monday, he said the financing referred to talks he has had with Saudi Arabia's sovereign wealth fund.

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Negotiations are still ongoing with the Saudi sovereign wealth fund and with several other investors.

He said he had "funding secured" for a deal, but didn't say where the money would come from.

Tesla shares rose 0.26 percent to $356.41.

Musk on Monday estimated two-thirds of existing Tesla shareholders would roll over their holdings into a private company, but said that he was still talking with major shareholders and advisers before settling on a structure for the deal. Tesla bought SolarCity that year.

The Wall Street Journal reported last week that the U.S. Securities and Exchange Commission was investigating the announcement Musk disclosed on Twitter, in a bid to see whether his statements were misleading. Denholm is the chief operating officer of Telstra, a telecommunications company.

The special committee has retained lawyers - Latham & Watkins - in addition to a legal team used by the company.

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