Musk's SpaceX could help fund take-private deal for Tesla

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Musk, 47, has a reputation for being an eccentric visionary.

Musk admitted that he has been charging full speed ahead in all directions - with the production of his electric-car company's first mass-market vehicle, the Tesla Model 3, and with the many business and personal obligations he says have begun to affect his health.

In a statement the firm's board paid tribute to Musk's "commitment and dedication to Tesla" and praised him for "having hundreds of thousands of cars on the road that customers love" and "employing tens of thousands of people around the world".

Elon Musk's rocket company, SpaceX, could help fund a bid to take electric auto company Tesla Inc private, the New York Times reported on Thursday, quoting people familiar with the matter.

Musk went on to deny reports that the message had sparked angry calls from board members or others involved with the privatization bid. And some board members have expressed concern not only about Mr. Musk's workload but also about his use of Ambien, two people familiar with the board said.

"This past year has been the most hard and painful year of my career", he told the newspaper.

In a wide-ranging and emotional interview with the New York Times published late on Thursday, Musk, Tesla's chief executive, described the difficulties over the a year ago for him as the company has tried to overcome manufacturing issues with the Model 3 sedan.

But funding, according to the Times, was not secured at the time of the tweet, as Musk had yet to acquire a guarantee of investment from Saudi Arabian investors with whom he had been discussing a deal to take Tesla private. I've had friends come by who are really concerned'. But his out-of-the-blue announcement of a potential Dollars 72 billion buyout of the publicly held company raised a huge ruckus and pushed Tesla's shares up 11 per cent in a day, raising the company's value by USD 6 billion.

Asked if he regretted it, he said: "Why would I?"

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He said in the interview that he had wanted to offer a roughly 20 per cent premium over where the stock had been trading, which would have been about $US419. "There's a reason for the word 'stoned.' You just sit there like a stone on weed", he said.

Hansen claims Tesla told him not to disclose or investigate other sensitive matters, according to the statement, including the alleged theft of over $US37 million of copper and other raw materials from the Gigafactory between January and June and the alleged involvement of a Tesla employee with a Mexican drug cartel.

The company said the board formed a special committee to evaluate proposals to take the company private.

In a separate report, The Wall Street Journal said securities regulators have been investigating if Tesla misled investors about Model 3 production problems.

Musk and officials with Tesla's board plan to meet with SEC officials next week, according to the Times.

The billionaire was forced to apologise to a British diver who helped to rescue the boys after Musk labelled him "pedo guy".

Musk is the CEO and controlling shareholder of the rocket company.

While Musk has described himself as "half Democrat, half Republican" in the past, critics said it was hypocritical of a green energy CEO to donate almost $40,000 to the GOP.



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