• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 8 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 7 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 8 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 8 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 7 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 6 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 10 hours Saudi A to Splash $100 Bln on India
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 9 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 3 hours Washington Eyes Crackdown On OPEC
  • 5 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 18 hours NEW FERUKA REFINERY
New Sanctions Threat Puts Russian Energy Sector On Edge

New Sanctions Threat Puts Russian Energy Sector On Edge

Growing tensions between Russia and…

Cracks Begin To Form In Saudi-Russian Alliance

Cracks Begin To Form In Saudi-Russian Alliance

With more pressure to meet…

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