Elon Musk admits he didn't have a 'specific number' for how much funding was needed to take Tesla private
Elon Musk said he didn't have a"specific number" for how much funding was needed to secure his plan to take Tesla off the stock market, admitting he did not have binding commitments from investors.
Musk sidestepped"yes" or"no" answers to questions by Nicholas Porritt, a lawyer for the investors, about securing funding pledges by Saudi Arabia's sovereign wealth fund, according to . This prompted the judge to step in and ask whether a specific dollar amount, rather than concepts, were discussed.The billionaire CEO is being sued by Tesla investors for millions of dollars in damages after tweeting he had"funding secured" to take the automaker private at $420 per share back in 2018. The company's stock initially surged after the tweet, but fell once it became clear the buyout was a no-go.
Earlier this week, Musk testified that he sent out the notorious tweet only after Yasir Al-Rumayyan, the governor of Saudi Arabia's Private Investment Fund,
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Elon Musk testifies in 2nd day of Tesla tweet trialElon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed. The billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share. The tweet resulted in a $40 million settlement with securities regulators after the deal never came close to happening.
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Elon Musk defends his tweets about taking Tesla privateElon Musk returned to federal court Monday in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet
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Elon Musk defends his tweets about taking Tesla privateThe 51-year-old billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share.
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Elon Musk: Tweets about taking Tesla private weren't fraudSAN FRANCISCO (AP) — Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed.
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