Elon Musk defends decision to announce plans to take Tesla private

Oh, Elon.

The Tesla founder and CEO just released a statement defending his tweets last week announcing his consideration of taking the company private. It confirms that Saudi Arabia is providing the funding he'd like to use to take his company private.

"Recently, after the Saudi fund bought almost 5 percent of Tesla stock through the public markets, they reached out to ask for another meeting. That meeting took place on July 31," his statement reads.

"I left the July 31 meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving. This is why I referred to 'funding secured' in the August 7 announcement." Read more...