Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has been in discussions since about two years with Tesla’s CEO Elon Musk, during which it expressed its interest in financing the electric car giant going private, the tech mogul said.

“They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil,” Musk stated in a blog post on Monday, adding that the sovereign wealth fund expressed its interest during multiple meetings over the following year.

“I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving,” Musk said, adding that “the Saudi sovereign fund has more than enough capital needed to execute on such a transaction.”

Musk’s post came a week after he announced via Twitter that he would take Tesla private at $420 per share, valuing the company at $72 billion, which came as a shock to investors.