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Tesla’s board of directors plans to meet next week with financial advisors to discuss a plan to take the company private, according to a report from CNBC citing people familiar with the matter.
Musk tweeted this week that he would like to take the company private and has secured funding to do so. It’s not immediately clear where that funding will come from. The Securities and Exchange Commission has reportedly reached out to the company for further explanation.
The CNBC report says Musk will recuse himself from proposal reviews and will form his own separate set of advisors. Tesla’s board plans to develop a special committee to consider options, the report said.
Among those named as potentially providing the cash for the deal is Saudi Arabia’s sovereign wealth fund, which reportedly bought a 3 percent to 5 percent stake in the electric car maker.
Tesla has declined to comment on funding for the transaction.