The following is an excerpt from David J. Lynch and Drew Harwell | August 13, 2018 | Thewashingtonpost.com |
If Saudi Arabia ultimately does provide the multibillion-dollar financing needed to take Elon Musk’s Tesla car company private, it would represent the boldest move yet in the kingdom’s campaign to build a post-oil future.
The Saudi Public Investment Fund (PIF), a sovereign wealth fund that manages about $230 billion, is the main source of funding under Musk’s buyout plan, the billionaire businessman said in a blog post Monday.
“Obviously, the Saudi sovereign fund has more than enough capital needed to execute on such a transaction,” Musk wrote. “I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving.”
The Saudi fund, which Crown Prince Mohammed bin Salman says will become the world’s largest, alreadyowns a small stake in Uber and has contributed $65 billion to private equity funds managed by Blackstone and SoftBank.
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