Slashdot Mirror
Saudi Fund in Talks to Invest in Tesla Buyout Deal, Report Says (bloomberg.com)
Saudi Arabia's sovereign wealth fund is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk's plan to take the electric car maker private, Bloomberg reported Sunday, citing a person with direct knowledge of the fund's plans. From the report: The Public Investment Fund, which has built up a stake just shy of 5 percent in Tesla in recent months, is exploring how it can be involved in the potential deal, the person said on condition of anonymity. Discussions began before the controversial Aug. 7 tweet by Musk, who is Tesla's co-founder and chief executive officer, saying he was weighing a plan to take the company private. The PIF sees its investment in Tesla as a strategic way for the world's biggest crude producer to hedge against oil, the person said. The Saudi fund hasn't made any firm decisions on whether to increase its stake, or by how much, but talks are ongoing, the person said. It wasn't immediately clear how much the fund would invest in Tesla.
Clearly a lot of people want Musk and Tesla to fail and thought that the privatization messages that came out late last week was Musk losing it. I'm not a fanboy, but I must say there's a certain amount of amusement to be gained from seeing the posts and reactions of people who want him (and his businesses) to fail.
Hate Musk and his products all you want, but don't try to bet against him.
Mimetics Inc. Twitter
Apparently some people have trouble understanding the difference between "having secured funding sources" and "having negotiated a deal that's ready to present to shareholders for a vote".
And yet Musk has achieved neither so I'm not sure the difference you're highlighting is relevant. "Secured" in the financial world means a firm commitment. An investor "exploring how it can be involved" is nowhere near that threshold.
Interesting theory. I can totally imagine buying a home under your definition:
Seller: "Have you secured funding for buying the house?"
Buyer: "Yes, I have a loan offer from my bank"
Seller: "Unfortunately that won't do. You see, I don't consider it 'secured' until you've accepted the bank's loan offer and have the cash on hand. Goodbye!"
Assuming ethanol comes from murdered children and the hydrogen from magic, hydrogen saves 132% more lives than ethanol.
A loan offer from a bank is in fact considered "secured funding" since it represents a firm commitment by the bank. I didn't say a firm commitment means an executed commitment, ie funds delivered, so you're 0 for 2 on the relevance scale for posts.
The seller has nothing to do with the terms of your loan. When you have a secured loan from a bank for purchase of a house, the bank has already decided to give you the money it agreed - $500K, $250K, whatever. The ONLY terms the bank will typically place on the loan is that the house has to be worth the amount loaned, based on an independent inspection. But the money is the buyers money to use, and the seller doesn't matter at all. Terms are decided (rates, payment periods, etc) all done. Just the final validation (like an audit) to ensure the property is worth the funds.
Browsing at +1 - no ACs, I ignore their posts. So refreshing!