Saudi Arabia’s PIF Ups Stake in Tesla, Musk Considers Taking Company Private

Saudi Arabia’s Public Investment Fund (PIF) has bought a minority stake in Tesla at just below 5 percent, Reuters reports, citing a source familiar with the stake.

Yesterday, Elon Musk took to Twitter to declare that he wanted to take Tesla private in a deal that would value the company at $70bn.

“Am considering taking Tesla private at $420. Funding secured,” Mr Musk wrote on Twitter. The company’s shares jumped on the news and, after a short trading halt, ended the day up 11 per cent at $379.57, the Financial Times reports.