Elon Musk surprised the tech-business world on August 7 when he announced on Twitter that he wanted to take Tesla private.
Shareholders could either to sell at 420 or hold shares & go private
— Elon Musk (@elonmusk) August 7, 2018
Tesla’s shares plummeted after that announcement.
However, it has been reported that Saudi Arabia’s sovereign wealth fund (called the Public Investment Fund or PIF) was already in talks with Tesla to become a significant investor before Musk’s tweets. If the rumors were true, this means that the world’s biggest crude oil exporter might be mulling a stake in the world’s most iconic electric car company.
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This might not come as a surprise for a number of reasons. First, Saudi Arabia’s government is considering to supercharge the PIF into a $2 trillion fund. Secondly, PIF’s main focus is technology. The Kingdom is keen on reducing its dependence on crude oil and diversifies its economy.
Saudi Arabia already has some exposure to the United States tech market. The Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud is Twitter's second largest investor, while Crown Prince Mohammed Bin Salman has a history of meeting with Silicon Valley executives, including Apple's Tim Cook.
By Rim ElChami
