Elon Musk has found an investor to turn Tesla into a private company

Elon Musk has found an investor to turn Tesla into a private company

August 13, 2018 0 By autotimesnews

Founder Tesla Elon Musk is in talks with Saudi Arabia about the redemption of shares to withdraw the company from the stock exchange

Elon Musk began negotiations with the Sovereign Fund of Saudi Arabia on building up the latter’s share in Tesla. The American wrote about this in the official blog of the automaker. Such a decision will help to withdraw the company from the stock exchange. Prior to this, the fund has already bought a 5% stake in the US company.

“I’m continuing discussions with the Saudi fund. There are also discussions with a number of other investors. I always planned it, because I would like Tesla to continue to have a wide range of investors, “the report said.

Earlier, Musk announced its readiness to buy out all Tesla shares and withdraw the company from the stock exchange. In this case, the price per share will be 420 dollars. However, the founder of Tesla stressed that the final decision on this issue has not yet been made.

Later on the official site of the automaker there was a message in which Max explained the main advantages of turning Tesla into a closed joint stock company. According to him, after such measures, the company’s shares will fluctuate less.

The company Tesla Motors in the second quarter of this year suffered record losses – the net loss of the American manufacturer of electric cars exceeded 717 million dollars. As a result of the first quarter, the company also incurred losses – $ 709.5 million.

The American company will explain such losses by big investments in new models. Among them, the first place belongs to the Model 3 electric car. In Tesla they assured that this electric car has already started to make a profit. In total, the company is going to produce 50-55 thousand such cars in the third quarter.