Tesla form­ing com­mit­tee to as­sess pro­posal to go pri­vate

The Western Star - - BUSINESS -

PALO ALTO, Calif. - Tesla is form­ing a spe­cial com­mit­tee to eval­u­ate pro­pos­als to take the com­pany pri­vate one week af­ter CEO Elon Musk said he was con­sid­er­ing it.

The com­mit­tee, made up of three in­de­pen­dent di­rec­tors, said Tues­day that it has not re­ceived any for­mal pro­posal from Musk.

Musk tweeted on Aug. 7 that he had “fund­ing se­cured” to buy Tesla shares at $420 per share.

That tweet may have cre­ated a sticky sit­u­a­tion for Musk as it ap­pears the fund­ing may not be locked up yet. Ac­cord­ing to Musk, the tweet fol­lowed a meet­ing with Saudi Ara­bia’s Pub­lic In­vest­ment Fund.

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