Musk is accused of defrauding investors, over a 2018 tweet that he had “funding secured” to take Tesla private. Read more at straitstimes.com.
SAN FRANCISCO - Elon Musk testified on Monday that he was sure he had backing from Saudi financiers in 2018 to take Tesla private, but said the fund later backpedalled on its commitment.
Mr Musk acknowledged he did not discuss a takeover price with representatives of the Saudi fund, but said they made clear they would do what it took to make a buyout happen.Mr Musk subsequently said that Mr Yasir Al-Rumayyan, governor of the fund, later backpedalled on the commitment to take Tesla private.
Mr Musk is defending against claims that he defrauded investors when the billionaire tweeted on Aug 7, 2018, thatInvestors say they lost millions as a result of Mr Musk’s tweets.
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