Tesla's CEO Elon Musk sued for fraud

Tesla has been targeted by short-sellers- the hedge fund managers Jim Chanos and David Einhorn in particular- who are betting on the company's failure

Saudi Arabia's sovereign wealth fund is interested in investing into Tesla, now that Elon Musk attempts to take the Palo Alto-based EV maker private.

Almost a week after Tesla CEO Elon Musk tweeted his intention to take the company private, we still don't know much about the funding for the endeavor - which Musk said was "secured". To be clear, when I made the public announcement, just as with this blog post and all other discussions I have had on this topic, I am speaking for myself as a potential bidder for Tesla.

The company later published an email sent by Musk to the company's employees outlining how the company might be taken private, yet still provide stock options for existing shareholders.

"My best estimate right now is that approximately two-thirds of shares owned by all current investors would roll over into a private Tesla", Musk wrote, implying that a buyout might require between $20 billion and $30 billion in cash.

The Saudi sovereign wealth fund recently bought a 5% stake in Tesla. The timeline begins on August 2, when Musk told the board that he wanted to take Tesla private.

He said that since his Twitter posts on the possibility of a deal the managing director of the Saudi fund had expressed support for proceeding subject to financial and other due diligence.

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Musk's tweet stunned investors, with many raising questions about his claim that funding for the venture had been secured.

The lawsuits filed by Isaacs and William Chamberlain said Musk's and Tesla's conduct artificially inflated Tesla's stock price and violated federal securities laws.

Shares of Tesla took a roller coaster ride after Musk revealed he was considering to take the company private. It is appropriate to complete those discussions before presenting a detailed proposal to an independent board committee.

The transaction would be structured with equity so as not to burden Tesla with crushing debt, Musk added.

Musk wrote that at the July 31 meeting, the fund's managing director "strongly expressed his support" for taking the electric vehicle and solar panel maker private. Tesla's shares briefly turned negative on the news and traded up 0.8 percent at 4:05 p.m.in NY.

The U.S. Securities and Exchange Commission, which has been gathering information about Tesla's public pronouncements on manufacturing goals and sales targets, is intensifying its scrutiny of the company's public statements in the wake of Musk's tweet, people familiar with the matter have said. If the board approves the deal, then it would go to a vote of shareholders.

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