"I'm excited to work with Silver Lake and Goldman Sachs", Musk tweeted on Monday.
Three people familiar with the Saudi fund disputed Musk's claims to the New York Times, saying the fund hasn't made any of the moves that would be necessary for such a big deal including preparing a term sheet or tapping financial advisors.
On August 2, Musk notified the Tesla board about his intention to take Tesla private at US$420 per share - a 20% premium.
Earlier, Musk wrote that in late July, he met Saudi Arabian sovereign fund representatives to discuss the electric carmaker's possible exit from the stock market.
The SEC is looking into whether Musk's initial announcement broke a rule preventing public companies from announcing such major financial plans if they don't intend to see them through, don't have financing secured, or are blatantly trying to manipulate the stock price. Musk said his decision to announce his negotiations publicly was in the interest of all investors, as it wouldn't have been fair to only tell the largest share holders. Musk contends the fund approached him about taking Tesla private early previous year, noting that two weeks ago he was approached by the fund's managing director who expressed strong interest in financing a go-private deal.
File photo of Elon Musk. Musk says that the managing director has requested additional details and has said that support is also subject to due diligence and the fund's internal review process.
Yasir Othman al-Rumayyan, managing director of the PIF, when contacted, referred Reuters to the corporate communications team.
Securities lawyers said USA law requires executives and companies to have a "reasonable basis" on which to make statements, meaning the fact Musk said he believed he had secured a verbal agreement for the funding after the July 31 meeting could put him on a firmer footing with the SEC.
Musk said he anticipates that most Tesla shareholders would remain invested in the company if it were to go private, and that reports of a $70 billion buyout are inflated. With little commentary about the financing after that, it prompted uproar including two class action lawsuits and a potential Securities and Exchange Commission inquiry.