Saudi Arabia has invested a reported 5 percent stake into Tesla, worth about US$2 billion. According to Arabian Business, Elon Musk announced wanting to take Tesla Inc. private and that if this goes as well as planned- it would lessen financial pressure on Musk.
After the said announcement went on Twitter, investors were intrigued and this lead to the company’s stock price rising 13% higher.
(Image Credits: Twitter/ @DubaiInformer)
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Saudi’s investment into Tesla
The Saudi Arabia Public Investment Fund (PIF) had acquired shares in Tesla in the last few months to put in more for its investment plans. The PIF is diversifying the Kingdom’s revenue apart from oil income, in line with the Vision 2030.
Arabian Business adds that this fund can, in turn, lead to US$3 trillion in assets.