Saudi Arabia's PIF has shown no interest in bankrolling Tesla buyout


Tesla did not respond to a request for comment on the proposed class-action complaint filed in the federal court in San Francisco.

Mr Musk set off a firestorm with the 53-character post on Tuesday. "Funding Secured", he wrote.

Discussions began before the controversial 7 August tweet by Musk, who is Tesla's co-founder and chief executive officer, saying he was weighing a plan to take the company private.

The two lawsuits filed by Isaacs and William Chamberlain on Friday alleged that Musk and Tesla's behaviour following the tweets violated U.S. securities law, and artificially inflated the company's share price.

What former cricketers are saying about India’s performances in England
The hosts had declared on 396-7, with Chris Woakes finishing on 137 not out, before Anderson reduced India to 17-2. After conceding a lead of 289 runs in the first innings, India were all out for 130 runs in their second.

Elon Musk has said he still expects to own about 20% of Tesla after any transaction, and that he hopes all shareholders will remain owners of a private company.

Musk's August 7 tweets, including when he said there was "funding secured" to possibly take Tesla private, helped push Tesla's stock price more than 13 percent above the prior day's close.

But Isaacs said Tesla's and Musk's conduct caused the volatility that cost short-sellers hundreds of millions of dollars from having to cover their short positions, and caused all Tesla securities purchasers to pay artificially inflated prices. The Public Investment Fund, which has built up a stake just shy of 5% in Tesla in recent months, is exploring how it can be involved in the potential deal, the person said on condition of anonymity.

SEC enforcement attorneys in the San Francisco office were already gathering general information about Tesla's public pronouncements on manufacturing goals and sales targets, according to the people who asked not to be named because the review is private. After adjusting for inflation, that's more than the record-setting buyout of RJR Nabisco that closed in 1989. Year-to-date, Tesla short interest is now up 14 percent overall. Speculation had been swirling around Tesla and Musk's disclosures amid the yearlong struggle the company had ramping up production of the Model 3 sedan, with Musk fielding a question on the company's latest earnings call about whether a notice from a regulator was keeping him from being able to raise more capital. "The market reaction shows Musk's statement by itself was material". They said he had "addressed the funding for this to occur", without providing details. A Musk investigation might be a best-case scenario for Tesla shorts, but CNBC's Jim Cramer said an investigation is a longshot.