Elon Musk Says he Expects Saudis to Fund Plan to Take Tesla Private

Elon Musk, who tweeted last week that he had "funding secured" to take Tesla private, says he was referring to conversations he had with the Saudi sovereign wealth fund.

In a blog post early Monday, Musk wrote that the Saudi fund has approached him "multiple times" about taking Tesla private. He said he left a July 31 meeting "with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving."

Musk surprised and puzzled Wall Street with the tweet announcing plans to take Tesla private at $420 per share.

Tesla stock is up about 3% in premarket trading, at $366.