Tesla Inc. CEO Elon Musk says he's in talks with the Saudi Arabian sovereign wealth fund about taking the electric car and solar panel maker private, but no deal has been finalized.

Musk says in a blog posted Monday that most of the funding would be in stock rather than debt. Investors who don't want to stay with a private company would be paid $420 per share. Musk says he expects that one third of shareholders would sell.

Musk says he left a meeting with wealth fund officials July 31 with no question that the deal could be closed. That's why he tweeted on Aug. 7 that funding had been secured. Musk wrote that since Aug. 7, the fund's managing director has expressed support subject to due diligence.

The eccentric Musk announced the bombshell move last Tuesday on Twitter, writing that he had secured funding to buy Tesla Inc.'s shares at $420 each

"Am considering taking Tesla private at $420. Funding secured," Musk tweeted, following up with "good morning" and a smiley emoji.

Musk's tweet came two weeks after Tesla revealed it had burned through $739.5 million in cash on its way to a record $717.5 million net loss in the second quarter, as it cranked out more electric cars.

Tesla has spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. The company says production is rising, with the goal of 6,000 per week by the end of August.

Musk's other company, aerospace firm SpaceX, is privately owned.

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