Bloglogo
Saudi Arabia invests $2bn in Tesla
Car News

Saudi Arabia invests $2bn in Tesla

·
August 9,2018
·
1 min read

Tags:

Elon Musk Tesla

In a radical step and one that has shocked investors across the globe, Elon Musk announces plans of taking Tesla Inc. private to ease financial losses. The announcement, which was made on Twitter, stunned investors and saw an increase in the company’s stock price by nearly thirteen percent.

At $420 a share, Tesla’s enterprise value is estimated at $82 billion including debt, with Saudi Arabia’s sovereign wealth fund holding less than a 5% stake worth approximately $2 billion. Currently, several question how Musk who owns a 20% stake in the company would be able to raise $66 billion to complete the transaction.

In an e-mail sent to all Tesla employees, Musk wrote: “The reason for doing this is to create the best environment for Tesla to operate in. Wild swings in stock prices are a distraction to workers and puts enormous pressure on Tesla to make decisions that may be right for a given quarter but not necessarily right for the long-term.”

Saudi Arabia’s Public Investment Fund (PIF) acquired shares in Tesla over the past few months as part of its wider strategy to diversify revenue away from oil under an economic transformation plan known as Vision 2030.

Editor's Pick:

Meet the 17.5 million dollar Pagani Zonda HP Barchetta

Upcoming 800 HP Lamborghini Aventador SVJ teased

Also See:

Jeep Wrangler 2019 Review

Toyota Corolla Sport 2018 Review

Got a comment? Post it below:


Do you want to sell your car for FREE?
We have everything that makes it easier for you to sell your car on our platform quickly
Sell your car 100% absolutely free on YallaMotor.
200+ Cars Sold Everyday.
115,000+ Satisfied Sellers.
500,000+ Monthly Buyers.
POPULAR TAGS

FROM THIS WEEK
Comprehensive Guide to Renew Your Driving License in Dubai
28 March 2024
|
Road Regulations
Infiniti QX80 2025: A Peek into the Future of Luxury SUVs
25 March 2024
|
New Launches
How to Sell Your Old Car Online in Dubai?
23 March 2024
|
Yallamotor Tips

Search more than 32,316 used cars in the UAE
Select Make
Select Model
Select Year

LOOKING FOR USED CARS INSTEAD?

OTHER USED CARS IN UAE