New York — Tesla CE Elon Musk got into legal hot water this week after announcing on Twitter he had sufficient financing already in hand to take the electric vehicle maker private. Many in US financial circles are wondering where he will get all this money, and have turned sceptical despite the reverence in which they normally hold Musk, who founded the company in 2003 to transform cars into tech marvels. The transaction could amount to at least $50bn if Musk keeps his 20% stake in the company. On Tuesday, the irascible entrepreneur tweeted that funding for the transaction at $420 a share had been "secured", but offered no proof or documentation. A classic way of delisting from stock markets is a leveraged buyout, a deal in which investors purchase a company’s equity and finance it with loans. But none of the six major US banks has offered to lend the necessary amount to Musk, and they learned about the plans on Twitter with the rest of the public, banking sources said. "We were not...
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