For a man who recently sold $62 million worth of Bel-Air mansions, Musk has some ill-informed ideas about how real estate transactions work. russ1mitchell reports:
from 2018, Musk explained: If a bank tells you they’ll support your desire to buy a house, and you then agree to buy a house, the bank will give you a mortgage as a matter of course. “You still do that paperwork to do the transaction, but the transaction will go through,” he said in court at his fraud trial.
Musk quickly dropped the analogy. “That’s not how things work with a sovereign investment fund,” he said, and moved on to other explanations for having used the words “funding secured” in an Aug. 7, 2018, tweet about a take-Tesla-private deal that never happened and for which it was never shown that funding was in fact secured.
Investors say they believed that Musk’s tweet was legit, and they lost big money as the stock’s market value whipsawed in response, by billions of dollars.Elon Musk went on a selling spree just before Christmas, unloading four nearby homes across Bel-Air for a combined $62 million.
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