Saudi Arabia announced an investment of $1 billion in another electric-car company weeks after Elon Musk announced their support for Tesla. The over $1 billion investment easily dwarfs prior funding for the manufacturer and puts Saudi Arabia clearly in the firm’s driver seat. The Saudi announcement comes after Musk on Aug. 7 tweeted that he had “funding secured” to take Tesla private. Musk later said the Saudi Public Investment Fund would be investing in the firm, something Saudi officials never commented on. The Financial Times newspaper previously reported that the Saudi sovereign wealth fund, known by the acronym PIF, had secured a near 5-per-cent stake in Tesla recently.

Source: thestar September 17, 2018 17:15 UTC