*Carlo Versano*
Saudi Arabia's interest in funding a buyout of Tesla shareholders is far from certain, said [Maureen Farrell](https://www.wsj.com/articles/larger-tesla-stake-by-giant-saudi-fund-faces-hurdles-1534239000) of the Wall Street Journal, and it's unclear if the kingdom's sovereign wealth fund would have the capital to secure such a deal for the electric carmaker's CEO, Elon Musk.
The Public Investment Fund of Saudi Arabia has made a handful of big bets on Silicon Valley ー most notably, a $3.5 billion [cash infusion](https://www.nytimes.com/2016/06/02/technology/uber-investment-saudi-arabia.html) in Uber in 2016.
"They've been very public about wanting to be a leader in tech," Farrell said Tuesday in an interview on Cheddar.
However, much of the capital earmarked for investment was predicated on the successful IPO of the state oil company, Saudi Aramco, which has stalled. Without the cash from the public offering ー as much as $100 billion for a 5 percent stake, according to [estimates](https://www.reuters.com/article/us-aramco-ipo/aramco-is-worlds-most-profitable-oil-company-bloomberg-idUSKBN1HK1RY) ー the sovereign wealth fund may not be inclined to finance a deal with Tesla, no matter what the royal family may have told Musk in the past.
"They've promised a lot of money to a lot of different people," Farrell said, including a planned mega-city to be built in the Saudi desert.
Crown Prince Mohammad bin Salman has been vocal about his desire to diversify the country's investments from its oil and gas holdings. Elon Musk needs an investor of Salman's stature and wealth to help take Tesla private.
As it stands, Musk's vision for a zero-emissions future seems dependent on an investment arm built on an oil fortune.
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Parents of teenagers who died by suicide after interacting with AI chatbots are set to testify before Congress.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
The Federal Trade Commission has launched an inquiry into several social media and artificial intelligence companies about the potential harms to children and teenagers who use their AI chatbots as companions.
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
