Musk said that the Saudi investment fund had approached him several times over the last two years with offers to help the struggling company go private

Tesla founder Elon Musk has announced that Saudi Arabia’s sovereign wealth fund has approached the electric car company with an offer to help take it private.

In a blogpost published on Monday Musk wrote that the Saudi investment fund – which owns 5% of Tesla – had approached him several times over the last two years with offers to help the struggling company go private. The last discussion appears to have taken place on 31 July when the fund’s managing director “expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time”, wrote Musk.

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