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Bloomberg Refutes Reuters, Says Saudis "In Talks" To Invest In Tesla Buyout

• by Tyler Durdan

Reuters also added that the PIF "was not currently getting involved in any funding process for Tesla's take-private deal." Separately, "a second source close to the situation said PIF was not taking part in any such plan at this stage."

Less than a day later, in what many have suggested may be damage control to avoid a gap lower in Monday trading, Bloomberg reports precisely the opposite and citing another "person with direct knowledge of the fund's plans" that Saudi Arabia's sovereign wealth fund "is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk's plan to take the electric car maker private."

According to the Bloomberg source, the PIF is exploring "how it can be involved in the potential deal" and adds that discussions began before the controversial Aug. 7 tweet by Musk saying he was weighing a plan to take the company private.

Which is notable because that is the opposite of what Reuters reported.

The reasoning is somewhat bizarre: according to the report, the Saudis - whose sovereign wealth fund has been especially cash strapped in recent months as a result of the collapse of the Aramco IPO - see the investment in Tesla "as a strategic way for the world's biggest crude producer to hedge against oil."

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