Tesla CEO and co-founder Elon Musk recently announced on Twitter that he planned to take the company private. This announcement came as a surprise to many and served as yet another example of the billionaire's unorthodox approach to business management.
Indeed, the announcement was so sudden that even Tesla's own board of directors weren't fully aware of Musk's intentions.
Musk's initial Twitter post, where the CEO said he wanted to take Tesla private at $420 a share, sent the company's stock skyrocketing for a short period of time. Musk's vague tweets led some -- particularly the company's "short sellers" -- to believe he was attempting to manipulate the company's stock prices.
However, that notion is based on the belief that Musk didn't have funding "secured" as he promised on Twitter.
Unfortunately for skeptics, Musk has confirmed that the funding has been available for quite some time.
In a blog post published Monday, the CEO announced that Saudi Arabia's sovereign wealth fund expressed interest in funding a private Tesla as far back as 2017.
That interest turned to firm intentions when the country's government purchased 5 percent of Tesla's stock last month, prompting a meeting between government officials and Musk himself.
Musk says Saudi Arabia is ready to move forward with a deal, but the details will need to be hashed out and presented to Tesla's shareholders before a final decision can be made.