• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 48 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 14 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 25 mins Renewables provided only about 4% of total global energy needs in 2018
  • 8 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 1 hour N.Y. Governor Signs Climate Bill
  • 9 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 12 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 3 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 24 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 23 hours Today in Energy
  • 19 hours Which is a better domain name for OAPEC?
  • 16 hours Shale Oil will it self destruct?
Is The Iran Conflict Really Cooling Down?

Is The Iran Conflict Really Cooling Down?

The tankers war between Iran…

Will The U.S Gas Glut Cap Oil Production?

Will The U.S Gas Glut Cap Oil Production?

The gas flaring crisis in…

Norway’s $1-Trillion Fund Can Stay Investor If Tesla Goes Private

Tesla factory

The world’s biggest sovereign wealth fund, Norway’s US$1-trillion Government Pension Fund Global, can remain a shareholder in Tesla under the fund’s governing rules if the EV maker becomes private, the Norwegian fund’s deputy CEO Trond Grande told Reuters on Tuesday.

The biggest wealth fund in the world—which holds 1.4 percent of all listed companies worldwide—owned 0.48 percent in Tesla at the end of 2017, valued at US$253 million.

Generally, the fund’s practice would be to divest its stake in a company that is being delisted, or shortly after, Grande told Reuters, but noted that the rules governing the fund’s investment choices allow it to continue to be a shareholder in a listed firm that goes private.

Earlier this month, Elon Musk shocked Wall Street and investors by tweeting that he would take Tesla private at $420 a share, sparking a lot of speculation whether the funding for doing so is really ‘secured’ as he said in his tweet, and who is stepping in to raise the funding.

A week later, Musk revealed that he had been in talks with the Saudi Arabian sovereign wealth fund about taking Tesla private for a few years now. Musk’s plans for Tesla are reportedly being scrutinized by the SEC, especially in the ‘funding secured’ part of his shock announcement on Twitter.

The fact that Musk revealed he had been talking to the Saudi fund, which has amassed its wealth from oil, prompted questions directed at the Norwegian wealth fund, also known as the ‘oil fund’ in Norway, whether it could be part of the taking-Tesla-private deal. Asked by Reuters, the Norwegian fund’s deputy CEO Grande declined to say on Tuesday if the EV maker had approached it about that. The manager noted that the fund’s main priority is preserving value.

“If that means that the fund will be invested in a company that has been delisted for a period of time, that could happen,” Grande told Reuters.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Dan on August 22 2018 said:
    Good. Tesla can burn through that trillion in 3 months with a smile on his lsd induced face.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play