Elon Musk says Saudis back Tesla buyout

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Elon Musk has outlined his plan to take Tesla private and said he discussed financing the deal with backing from Saudi Arabia.

The founder of the electric car maker also indicated that he would need to raise about $23bn, not the $70bn that had been reported.

In a blog post, Mr Musk said that he only wanted to buy out shareholders who no longer wanted to own Tesla shares.

The Saudi sovereign wealth fund recently bought a 5% stake in Tesla.

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