Elon Musk, at trial, says he was sure Saudis backed taking Tesla private
CTV
Elon Musk testified on Monday that he was sure he had backing from Saudi financiers in 2018 to take Tesla Inc. private, as he defended against claims he defrauded investors by later tweeting about his electric car company.
Elon Musk testified on Monday that he was sure he had backing from Saudi financiers in 2018 to take Tesla Inc. private, as he defended against claims he defrauded investors by later tweeting about his electric car company.
At a trial in San Francisco federal court, 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 Fremont, California, factory.
Musk said he did not discuss a takeover price, but the Saudi representatives made clear they would do what it took to make a buyout happen.
"PIF unequivocally wanted to take Tesla private," he said.
The trial tests Musk's penchant for taking to Twitter to air his sometimes irreverent views, and when the world's second-richest person can be held liable for crossing a line.
At stake are millions of dollars for shareholders who claim they suffered losses after Musk tweeted on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed."
Tesla's stock price surged after Musk's tweets, and later fell as it became clear the buyout would not happen.
