Elon Musk Testifies He Would Have Sold Spacex Stock To Take Tesla Private In 2018

Elon Musk Testifies He Would Have Sold Spacex Stock To Take Tesla Private In 2018 – Elon Musk has said his SpaceX stock could help fund Tesla’s take-private venture, and Musk’s attention to the test, often broadcast on Twitter, will test his imagination and be responsible for when the world’s second-richest man crosses the line.

Elon Musk told a jury on Monday that he blocked financial backing from Saudi investors in 2018 to take electric car maker Tesla Inc private.

Elon Musk Testifies He Would Have Sold Spacex Stock To Take Tesla Private In 2018

The sleep-deprived millionaire spoke calmly during about five hours of testimony in federal court in San Francisco.

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“Given SpaceX stock alone, I believe the financing for the acquisition is solid,” he told jurors, referring to the aerospace company of which he is chief executive. He later said he decided not to take Tesla private because of a lack of support from some investors and a desire to avoid a lengthy process.

On August 7, 2018, Musk said that he had deceived investors. Musk responded that he had secured financing for Tesla’s private sale at a price of $420 per share and confirmed investor support.

The court tested Musk’s penchant for using Twitter to express his sometimes irreverent views, holding the world’s second-richest man to account when he stepped out of line.

Tesla’s stock price jumped after Musk’s tweets in 2018 and fell when it became clear there would be no lawsuit. Investors say they lost millions of dollars as a result.

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On July 31, 2018, Musk told investor attorney Nicholas Porritt that he met with representatives of Saudi Arabia’s Public Investment Fund at the Tesla factory in Fremont, California.

He acknowledged that a purchase price had not been discussed, but said Saudi officials had made it clear what was needed to make the purchase possible.

That never happened, Musk said, because Yasser Al-Rumaian, the fund’s manager, later reneged on his commitment to take Tesla private.

“When we met, he was very upset because he was clearly in favor of Tesla going private, and now he seems to be backing down,” Musk said.

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Porritt told the court that Musk’s claims about the Saudis’ initial intentions were unsubstantiated.

Musk said he would sell his SpaceX stock, just as he sold some of his Tesla stock to help fund his bid to take Twitter private last year.

The question is whether Tesla’s CEO is artificially inflating the company’s stock price by hinting at a possible buyout. A panel of nine judges will decide or not.

When he tweeted about the funding, he said: “It’s not going to happen. But I’m thinking about it,” Musk said it was his “opinion” to secure funding.

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The US Securities and Exchange Commission sued Musk over the tweets, demanding that he and Tesla pay $40 million, as well as Tesla’s lawyer to preview some of their tweets.

The SEC said Musk lowered the buyout offer to $420 a share because he had recently learned about the “importance in marijuana culture” of high volumes and that his girlfriend thought it was funny.

“It was chosen because it was a 20% premium to the share price,” he testified. “The $420 price tag is no joke.”

He began testifying Friday, telling jurors that Twitter, which he bought in October, is the most democratic way to go and that his tweets don’t always affect Tesla stock as much as he’d hoped.

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Among the defendants are current and former directors of Tesla; Spiro said Musk had pure intentions in responding to the plan. Elon Musk told judges on Monday that he is closing in on funding from Saudi investors in 2018 to launch his electric car. Maker Tesla Inc ( TSLA.O ) is privately held and may even use its stake in rocket company SpaceX to finance the acquisition.

The sleep-deprived millionaire spoke calmly during about five hours of testimony in federal court in San Francisco.

“I feel safe financing the acquisition with only SpaceX stock,” the aerospace company’s CEO told jurors, without elaborating.

But Nicholas Porritt, a lawyer for the investors, raised questions about whether he plans to use his SpaceX stake to finance a deal that would increase his stake in Tesla. Musk noted that Porritt expects the same to continue after Tesla employees receive Tesla stock.

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On August 7, 2018, Musk said that he had deceived investors. Tesla defends itself by tweeting that it has raised funds to take Tesla private at $420 per share and “confirms investor support.” Musk later said he decided not to take Tesla private because of a lack of support from some investors and a desire to avoid a lengthy process.

The court will test Musk’s penchant for using Twitter to express his sometimes dishonest views and hold the world’s second-richest man accountable when he crosses the line.

Tesla’s stock price jumped after Musk’s tweets in 2018 and fell when it became clear there would be no lawsuit. Investors say they lost millions of dollars as a result.

Musk told Porritt that on July 31, 2018, he met with representatives of the Saudi Arabian Public Investment Fund at the Tesla factory in Fremont, California.

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He acknowledged that a purchase price had not been discussed, but said Saudi officials had made it clear what was needed to make the purchase possible.

That never happened, Musk said, because Yasser Al-Rumaian, the fund’s manager, later reneged on his commitment to take Tesla private.

“When we first met, I was very upset by Tesla’s unequivocal support for a private acquisition,” Musk testified.

Porritt later told the court that Musk’s claims about the Saudis’ initial intentions were unsubstantiated.

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Musk said he would sell his SpaceX stock, just as he sold some of his Tesla stock to help fund his bid to take Twitter private last year.

Tesla’s CEO is wondering if he artificially inflated the company’s stock price while hinting at a possible buyout. A jury of nine people will decide whether or not it will be.

When he tweeted about the funding, he said: “It’s not going to happen. I think,” Musk said it was his “thought” to secure funding.

The US Securities and Exchange Commission sued Musk over those tweets, resulting in him and Tesla being awarded $40 million in damages, with Tesla’s lawyer requesting a preview of some of his tweets.

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The SEC said Musk raised the buyout offer to $420 per share because he had recently learned about the “importance in marijuana culture” of high volumes and that his girlfriend thought it was funny.

“It was chosen because it was a 20 percent premium to the stock price,” he testified. “The price of $420 is not ridiculous.”

He began testifying Friday, telling jurors that Twitter, which he bought in October, is the most democratic way to go and that his tweets don’t always affect Tesla stock as much as he’d hoped.

Tesla’s current and former executives are among those accused of having “pure” motives for responding to Musk’s plan, according to Musk’s lawyer, Alex Spiro.

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Musk Testimony Resumes In Securities Trial Over 2018 Tweet

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