Tesla CEO Elon Musk believed he’d earned the backing of Saudi Arabia’s Public Investment Fund in 2018 when he tweeted funding to take the electric vehicle maker private was “secured,” Musk testified Monday.
Tesla CEO Elon Musk believed he’d earned the backing of Saudi Arabia’s Public Investment Fund in 2018 when he tweeted funding to take the electric vehicle maker private was “secured,” the billionaire insisted in court Monday, as the U.S.’ wealthiest man’s court testimony defending his oft-controversial behavior on Twitter continued into its second day....
to Musk, who said he “took that to mean it was a done deal” and added his shares in the private aeronautics firm SpaceX would also fund a potential deal.Financial TimesMusk called the $420-per-share price he claimed to secure for Tesla a “coincidence” with no relationship to 420’s typical association with marijuana, but noted with a chuckle the number represented good “karma.”
The “$420 price was not a joke,” Musk testified, adding he was unsure whether or not his then-partner, the musician Grimes, was amused at the share price, as the Securities and Exchange Commission claimed in 2018.Musk’s infamous “Am considering taking Tesla private at $420. Funding secured” tweet, which indicated a more than 20% premium on Tesla’s share price at the time, landed Musk and Tesla $20 million respective penalties from the SEC.
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