Tesla board forms independent group to explore going private

Several analysts have said going-private would make sense for Tesla but expressed skepticism about the company's ability to raise the required funds

Several analysts have said going-private would make sense for Tesla but expressed skepticism about the company's ability to raise the required funds

Reuters reported that Silver Lake had not been retained as a financial advisor but was offering assistance to Musk, according to a source familiar with the matter. The SEC has asked Tesla for more details about Musk's tweets and proof that he has secured the necessary funding for the transaction.

Musk said that since his Twitter post 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.

Musk's effort to associate his potential bid with some of Wall Street's most venerable institutions, even at the risk of misrepresenting their involvement, comes as pressure has been building on him to justify his pronouncement last week about the "secured" funding.

"I'm excited to work with Silver Lake and Goldman Sachs", Musk tweeted on Monday.

Shares of Tesla Inc. jumped 11 percent in a day, raising the value of the company by $6 billion.

Tesla shares rose 0.26 percent to $356.41.

Philip Wilson: former archbishop to serve time in home detention not jail
The Australian Catholic Bishops Conference, the country's top Catholic body that Wilson once led, had no immediate comment. Wilson served as a priest in New South Wales before Pope John Paul II appointed him Bishop of Wollongong in 1996.

Elon Musk has confirmed plans to take Tesla private with the backing of a Saudi Arabian sovereign wealth fund.

A leveraged buyout of Tesla, which has a market capitalization of about $60 billion, would represent an abrupt change in financial strategy for a company that went public in 2010.

If and when Musk presents a plan to take Tesla private, the special committee has the authority to negotiate the transaction and ultimately to approve it, the company said.

The New York Times reports that Tesla board members were shocked by Musk's recent tweets about taking the company private once stock price reached $420 a share. "They first met with me at the beginning of 2017 to express this interest", Musk said. The lawsuit alleges that Musk tweeted that message to boost Tesla's stock price and punish those investors who bet against the company.

Mr Musk's tweet earlier this month had said "funding secured", raising questions about where the financing for any deal might come from.

He blogged on Monday that recent talks with a Saudi sovereign wealth fund gave him confidence funding was nailed down, but that he was still talking with the fund and other investors.

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