Goldman, Silver Lake Advice Tesla On Going Private Plan

Tesla looking to go private with backing of Saudi fund

Musk, who is still looking for funding for the plan, also said law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson would be legal advisers on the plan. Reuters, citing a source, reported after the tweet that Silver Lake was not discussing participating as an investor in the deal and "was offering its assistance to Musk without compensation and had not been hired as a financial adviser in an official capacity". Musk said he had the funding secured for a $420-a-share buyout sending the stock soaring.

A statement Tuesday from Tesla's board said the special committee "has the full power and authority of the board of directors to take any and all actions on behalf of the board of directors as it deems necessary to evaluate and negotiate a potential going private transaction and alternatives to any transaction proposed by Mr. Musk".

In essence, what was initially considered to be a stupid weed joke has cost Musk the goodwill of Tesla fans (or at least those seeking to profit from his offer to go private at $US420 [$577]), deepened his already contentious relationship with short sellers, led to an SEC investigation, and could potentially cost him losses in court.

Elon Musk is moving forward with his plan to take Tesla private.

Meghan Markle turns down invitation to Emmy Awards
Celebrity beauty guru Daniel Martin , who is based in New York City and was asked to do Meghan's makeup on her wedding day. And I think, obviously I am a British designer, but I think being a woman and being a women's woman played a part.

Goldman Sachs declined to comment.

Musk said that since his Twitter post on the possibility of a deal the managing director of the Saudi fund had expressed support for proceeding subject to financial and other due diligence. "Among other things, this will allow me to obtain a more precise understanding of how many of Tesla's existing public shareholders would remain shareholders if we became private". Musk allegedly admitted that he "was angry at the company's critics".

The committee hasn't yet received a formal proposal from Musk, who earlier this month tweeted that he had secured funding to take his electric-car company private. Tesla bought SolarCity that year. It was Tesla's last big deal and was criticized by some on Wall Street because the company, founded by two of Musk's cousins, had seen its business shrink before the takeover.

The special committee has retained lawyers - Latham & Watkins - in addition to a legal team used by the company.

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