• 4 minutes Why does US never need to have an oil production cut?
  • 9 minutes French Fuel Protests
  • 14 minutes Oil Prices
  • 23 mins Gaming the Price of Oil
  • 6 hours Could EVs Become Cheaper than ICE Cars by 2023?
  • 2 hours DOW down as tech shares plummet
  • 3 hours Is California becoming a National Security Risk to the U.S.?
  • 3 hours IEA: Oil Markets Heading Into Unprecedented Uncertainty
  • 11 mins Santa Drives A Tesla, Not a Sleigh-- I KNEW IT.
  • 4 hours EVs Set to Become the Biggest Battery Users
  • 4 hours Pros and Cons of Coal
  • 3 hours France Revolts Against Anti - Carbon Tax
  • 1 hour Plastic Myth-Busters
  • 3 hours Fishermen Sue Oil Companies Over Rising Ocean Temperatures
  • 10 hours Your idea of oil/gas prices next ten years
  • 5 hours Oil
  • 7 hours The Regime Doesn't Give Up: Rouhani Says Iran to Continue Oil Exports And Resist U.S. Economic War
IEA Chief Urges Oil Producers Not To Cut Output

IEA Chief Urges Oil Producers Not To Cut Output

IEA chief Fatih has warned…

Oil Prices Fall To One-Year Lows

Oil Prices Fall To One-Year Lows

Oil prices fell to a…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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
-->