Elon Musk is defending against claims he defrauded investors by tweeting in 2018 that he had ‘funding secured’ to take Tesla private at $420 per share, and that ‘investor support is confirmed’
Elon Musk, Telsa Inc’s chief executive, took the stand on Tuesday in San Francisco a day after telling a jury that he had financial support in 2018 to take the electric car maker private, which shareholders allege was a lie.
He said he chose not to take Tesla private due to a lack of support from some investors and a wish to avoid a lengthy process. Musk testified for about five hours on Monday and for less than 30 minutes on Friday. Tesla’s stock price surged after Musk’s 2018 tweets, only to fall as it became clear the buyout would not happen. Investors say they lost millions of dollars as a result.
Musk testified that when tweeting about the financing, he was saying “not that it will happen, but that I am thinking about it,” and that it was his “opinion” that funding was secured.that he met on July 31, 2018, with representatives of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, at Tesla’s factory in Fremont, California.
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