Saudi Arabia’s sovereign wealth fund has repeatedly recommended converting electric carmaker Tesla to a private company, founder Elon Musk said Monday, and may back his proposal to do so now.

The managing director of the fund, which holds a 5 percent stake in Tesla already, met with Musk most recently on July 31 and “expressed regret that I had not moved forward previously on a going-private transaction with them,” he wrote in a blog post on the company’s website. “He strongly expressed his support for funding a going-private transaction for Tesla at this time.”