
Tesla board to meet about going private, may ask Musk to recuse himself - phyller
https://www.cnbc.com/2018/08/09/tesla-board-tells-elon-musk-to-recuse-himself-prepares-to-review-take.html
======
mrep
Holy shit. If the following qoute is to be believed, it's almost certainly the
Saudis backing it since I don't know who else has that kind of money and also
considering the Saudis hit the 5% investment mark which requires you to
announce it at the perfect moment. Shit, with tsla dropping back down now and
elon being quit, i think it helps the case more that it is them because I
would want them to have the full opportunity to buy as much stock now while it
is below 420$ before the buyout is confirmed.

"Musk previously talked with Saudi Arabia's sovereign wealth fund about a
take-private deal, said one of the people. Saudi's Public Investment Fund
bought a 3 percent to 5 percent stake in the electric car maker, The Financial
Times reported earlier this week. It isn't yet known whether Saudi's Public
Investment Fund has agreed to commit money to the transaction."

~~~
vadym909
Ofcourse its the Saudi's. Why? because Tesla can make their oil worthless.
Strange times indeed.

~~~
dragonwriter
> because Tesla can make their oil worthless.

No, it can't. Even if 100% of cars and trucks were electric, Saudi crude
wouldn't be worthless.

~~~
acct1771
Instead of it being a main fuel source, would only be useful as lubricants,
and plastic compounds until hemp is allowed to become popular for
manufacturing again.

~~~
dragonwriter
No, even if 100% of cars and trucks were electrified, light sweet crude would
still be the feedstock for fuel for aircraft, ships, boats, trains, small
engines (gas-powered tools, etc.), portable generators, and so on.

~~~
jplayer01
And that would be devastating for countries who are as reliant on oil as Saudi
Arabia.

------
Ryudas
The reason why I don't believe they need a 70 billion dollar deal, is that
Elon doesn't plan on buying himself out! And if they take the same structure
as SpaceX, I would expect at least half of current shareholders to stay in the
company, as well as most employees. That would then require 20-30 billion, on
the high end. Far more feasible and a great strategy, really. Everyone's
that's long stays, everyone that's medium to short term gets a nice bonus with
the 420 payday, Every short dies, if everything goes as planned.

------
vanattab
Can anyone explain to me how if it's true that the Saudis are backing the buy
out it would not be a case of insider trading? The way I understand it the
Saudis announced they bought a 5% stack the morning that musk announced that
he plans to take the company private (presumably with Saudi money) so wouldn't
the Saudi's 5% stake have been purchased with the "inside information" that a
going "private" announcement was imminent?

