Tesla forms special committee to consider going private

Elon Musk

Goldman Sachs Group Inc (GS.N) was still negotiating its terms of engagement with Musk as of Tuesday, according to a person familiar with the matter.

Mr Musk announced on Twitter on 7 August that he was considering taking Tesla private. Musk contends the fund approached him about taking Tesla private early past year, noting that two weeks ago he was approached by the fund's managing director who expressed strong interest in financing a go-private deal. Musk said that the Saudi Arabian sovereign wealth fund offered to fund the transaction, but he is also seeking additional investors before he develops a final proposal.

One assumes Yeagar jumped at the opportunity to buy Tesla stock and then sell it off at the proposed $US420 ($577) per share price tag, only to see its value drop after investors began to question the veracity of Musk's claims.

On Monday, he attempted to justify his position saying that he had met the Saudi sovereign wealth fund after it bought a 5% stake in the company. The agency declined to comment.

Musk first tweeted he planned to go private and that funding was "secured" last week, sending Tesla shares soaring 11 percent, but investors have appeared sceptical about the details he has provided since.

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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.

Tesla shares rose 0.26 percent to $356.41.

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. "The $420 buyout price would only be used for Tesla shareholders who do not remain with our company if it is private". Musk allegedly admitted that he "was angry at the company's critics".

Board members Brad Buss, Robyn Denholm and Linda Johnson Rice will sit on the committee.

In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.

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