We published in this morning an article talking about the conversion of the company delivered to the special possibility of it supporting the public investment fund of Saudi Arabia, but soon our only confirmed Elon musk the head of the company that the existence of the investment fund is the reason for his desire to transform the company.
Said musk in a statement on the company website, he told the Board his company of his intention to convert the company to private and that any investor stay and get a share in the company or the sale of its share compared to us$ 420 per share at a time when the value of the stock is 350$.
He explained that he had to talk to Big investors about the intention to complete it, but he saw that all investors alike need to know your plan, which made him say to disclose it publicly.
He completed mask his talk by saying that the public investment fund of Saudi Arabia wishes to support his idea, where he met representatives of the Fund about two years ago –the beginning of 2017– to talk about the conversion of delivery to a private company and investment, and continued these meetings during the financial period.
It is believed the President recognizes that the Saudi Fund has sufficient strength to revive the company and support in case of its transformation to a private firm, which is what made him take his decision at the last meeting with the Managing Director of the Fund as at 31 July, i.e. two weeks ago. Where the fund manager told him at the time regretted the conversion of the company to support them, which is what made him make his own decisions after he got out of the meeting to execute the command.
Will be provided to all shareholders in the company plan and next steps to be taken in order to reach their decision, as it would probably end with a referendum between the investors to complete it.
Recall, that the public investment fund owns 5% of the shares of the company according to its chairman.
The head of the sequence confirms that the public investment fund Saudi will turn his company private appeared first on the tech world.