Elon Musk issued a statement Monday attempting to answer questions about his decision to take Tesla private at $420 a share, including why he tweeted that he had "funding secured."

The big picture: Musk explained that he met with the Saudi sovereign wealth fund on July 31 and that he left the meeting with "no question that a deal... could be closed." He said he is in ongoing discussions with the managing director of the fund regarding details about how Tesla would be taken private.