Tesla's Staying Public. Now The Stakes Are Even Higher

Tesla's Staying Public. Now The Stakes Are Even Higher

Now, Musk and his team are working to meet them under even more scrutiny from regulators and from shareholders, and with more competition - the Saudi Public Investment Fund recently made what is likely a billion-dollar deal with Lucid Motors, another electric vehicle company vying for the same milestones and clientele as Tesla. In a separate tweet, he wrote: "Investor support is confirmed". A Tesla spokesman on Sunday referred to those previous comments. And if Musk's tweets were to be believed, it was basically a done deal. It was reported that Musk also became wary of the strings attached to taking cash from the Saudi sovereign wealth fund, which he said expressed both the interest and ability to fund his buyout. Then Musk aborted his own mission, when hastily assembled bankers and advisers had barely started work, according to people familiar with the matter. Several investors have also sued Tesla, alleging that Musk's announcement was meant to manipulate the price of the company's stock.

While the Saudis were open to making a significant investment in the effort as a way to help the kingdom hedge against oil and attract technology expertise to the region, the fund mainly was interested in a minority stake to limit its exposure to a single deal and save resources for other projects, the people said.

Shares of Tesla are slipping on the first day of trading after the electric vehicle maker said it won't consider going private after all.

Trump cancels Pompeo's N. Korea trip
The U.S. has been calling on China to strictly enforce wide-ranging United Nations sanctions targeting North Korea's economy. And they have been skeptical about an end-of-war declaration in the absence of any progress on the nuclear matter.

In recent months, it has been beset by recalls, a Security and Exchange Commision investigation and, most recently, a pair of tweets by Musk that have left shareholders and critics wondering if Tesla is on the verge of profitability or if the vehicle maker meets technology innovator is in a bubble.

Both statements are likely to raise further questions among SEC officials as to whether Musk had performed sufficient due diligence to have had a reasonable basis for his August 7 tweets, she said.

Tesla also said on Sunday it was not searching for a chief operating officer - a No. 2 executive that critics claim Musk badly needs, as his micromanaging ways have lately led to him to sleep on the floor of Tesla's factory in Fremont, Calif. While advisers "were confident" a deal could be reached, Musk told some board members Thursday before a meeting "he had doubts about the proposal".

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