The billionaire testified that he did not discuss a takeover price, but the Saudi representatives made clear they would do to back a proposed buyout of Tesla.
| Elon Musk says he was sure he had backing from Saudi financiers in 2018 to take Tesla private, as heAt a trial in San Francisco federal court, Mr Musk told the investors’ lawyer Nicholas Porritt that he had met on July 31, 2018, with representatives of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund at Tesla’s California, factory.
Tesla’s stock price surged after Musk’s tweets, and later fell as it became clear the buyout would not happen. The plaintiffs have already cleared high legal hurdles in the rare securities class action, with US Judge Edward Chen ruling last May that Mr Musk’s post was untruthful and reckless.But in Monday’s testimony, Mr Musk said he believed he could have sold enough shares of his rocket company SpaceX to fund a buyout, and “felt funding was secured” with SpaceX stock alone.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk testifies in second day of Tesla tweet trialElon Musk returned to federal court on Monday in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
Read more »
Is Elon Musk’s Twitter in too much trouble to cover its debts?Social media platform faces $300m interest payment this week, and default could trigger debt restructuring – or bankruptcy
Read more »
Elon Musk testifies in second day of Tesla tweet trialElon Musk returned to federal court on Monday in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
Read more »
Glow Capital sprouts maiden deal with VegepodJustin Ryan and Kate Morris’ private equity newcomer Glow Capital is going green for its first acquisition.
Read more »
IFM Investors locks in debt for PRP Diagnostic buyoutIFM Investors’ private equity team locked and loaded its $330 million debt package to finance its acquisition of Crescent Capital-backed radiology business PRP Diagnostic Imaging just before Christmas.
Read more »
Why this controversial prison firm's $69 million Nauru asylum seeker deal is under scrutinyThe auditor-general may investigate a $69 million four-month government contract given to a private prison company facing serious allegations overseas.
Read more »