Tesla is regarded as one of the most innovative car brands on the planet, but thanks to their outspoken founder, Elon Musk, they are rarely out of the news.

Musk is famed for his social media outbursts on Twitter, one of which suggested earlier this month that Tesla may be seeking a deal with financiers in Saudi Arabia which would allow the company to go private. Musk is often forthright with his opinions and after claiming that funding was secured in early August, he followed that statement up this week by saying that the Saudi sovereign wealth fund, which hd bought a 5% stake in the company was close to completing a deal which would value Tesla at more than $70bn.

But Tesla’s board of directors have urged caution on the deal saying that they have not received a formal proposal from its founder Elon Musk to take the company private. Tesla, who are famed for their futuristic electric cars, has created a special committee of three directors to consider any proposed deal saying: "The special committee has not yet received a formal proposal from Mr Musk regarding any 'going private transaction' nor has it reached any conclusion as to the advisability or feasibility of such a transaction."

Musk has said that the offer values each share at $420 (326), however Musk claims he does not need to raise that much money as he will only need to buy out investors who did not want holdings in the company if it did go private.

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