Saudi Arabia’s Public Investment Fund has played a prominent but still opaque role in the lawsuit. Read more at straitstimes.com.
SAN FRANCISCO – Mr Elon Musk can’t count on the head of Saudi Arabia’s sovereign wealth fund to help his defence at anThrough their lawyers, Mr Yasir Al-Rumayyan and other officials from the kingdom’s Public Investment Fund argued to the judge overseeing the case on Thursday that they’re not legally obligated to show up for the trial in San Francisco federal court that’s set to start Jan 17.
Subpoenas requesting the PIF officials’ testimony “need not be complied with”, lawyers for the fund said, describing Mr Musk’s subpoenas as both “legally deficient” and half-hearted. The subpoenas are outside the jurisdiction of the San Francisco court and Mr Musk’s request for the testimony at trial was voluntary, the lawyers said.
Saudi Arabia’s fund has played a prominent but still opaque role in the lawsuit. Text messages between Al-Rumayyan and Mr Musk revealed in an April court filing showed that Mr Musk was upset because he believed he’d reached a handshake agreement with the PIF governor weeks earlier, in July 2018, to fund the transaction to take Tesla private.
Mr Musk’s previous court filings indicate he’s relying heavily on an argument that the PIF had tried to persuade Mr Musk to take Tesla private for years. His lawyers have described multiple meetings between the Tesla CEO and Mr Al-Rumayyan, including a 2017 dinner at Tesla’s factory where there was discussion of an estimated US$30 billion to US$60 billion required to fund the transaction.
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