Musk Says His Spacex Shares Could Have Also Helped Fund Taking Tesla Private

Musk Says His Spacex Shares Could Have Also Helped Fund Taking Tesla Private – Elon Musk told a court on Monday that he hopes to close financing from Saudi investors in 2018 to take his electric car maker Tesla Inc ( TSLA.O ) private and that he can use his role in the company. SpaceX rocket to support the purchase. .

In federal court in San Francisco, the millionaire, who said he was tired and unable to sleep, spoke quietly and calmly during nearly five hours of testimony.

Musk Says His Spacex Shares Could Have Also Helped Fund Taking Tesla Private

“With SpaceX’s investment alone, I feel supported” for the acquisition, he told the court, referring to the local company and CEO without giving details.

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But Nicholas Porritt, the investor’s lawyer, has expressed doubts about whether he wants to use his SpaceX stock to support a deal that will increase its stake in Tesla. Porritt points out that Musk told Tesla employees at the time that he expected his share of Tesla to remain the same after the deal.

Musk is defending allegations that he misled investors by tweeting on August 7, 2018 that he had “cash available” to take Tesla private for $420 per share, and that “backing was confirmed again. From the investors”. Musk added that he later chose not to take Tesla private due to a lack of support from other investors and a desire to avoid long-term exposure.

The case tests Musk’s ability to use Twitter to air his views for a while, and when the world’s second-richest person can be held responsible for crossing the line.

Tesla’s share price rose after Musk’s tweet in 2018 but will fall when he makes it clear that the acquisition will not happen. Investors say they have lost millions of dollars as a result.

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Musk told Porritt that he met on July 31, 2018 with a representative of the Saudi Sovereign Assets Fund, a public investment fund at the Tesla plant in Fremont, California.

He said that the issue of the receipt has not been discussed, but the representative of Saudi Arabia has confirmed that he will do what is necessary to ensure that Purchases.

Musk said it never happened because the governor of the fund Yasir Al-Rumayyan later supported the proposal to make Tesla.

“I was very disappointed because he was very clear in his support for taking Tesla private when we met with him and now he seems to have backed off,” Musk said.

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Porritt later told the court that the written evidence did not support Musk’s statement of Saudi Arabia’s true intentions, saying the minutes of their meeting showed that Saudi Arabia wanted to know more about what Musk was up to. don’t think about it.

Musk later testified that he would sell his stake in SpaceX to finance the cellphone deal, as he sold part of his Tesla stake to help finance his efforts to acquire Twitter last year. .

The nine judges will decide whether Tesla’s executives inflated the company’s share price by overestimating the expected price, and if so, by how much.

Musk testified that when he tweeted about the money, he said, “Not that it’s going to happen, but I’m thinking about it,” and that it was his “opinion” that the money was collected.

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The Securities and Exchange Commission also sued Musk over a Twitter post that led to a $40 million joint settlement between him and Tesla and a request for Tesla’s lawyers to review other tweets since first.

The SEC says that Musk raised his offer of fees to $420 in total from $419 because he recently learned about the “important cultivation of marijuana” and thought that his girlfriend would understand that it is fun.

He said: “It was chosen because it is 20 percent of the purchase price. “The price of $420 is not a joke.”

He began testifying on Friday, telling the judge that although Twitter, which he bought in October, was the most democratic way to communicate, his tweets did not always go through. Tesla stock did not live up to expectations.

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The defendants also include current and former Tesla executives, who Musk’s attorney, Alex Spiro, said were “correct” in their response to Musk’s plans.

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Musk Said He Could Have Funded A Tesla Buyout With Spacex Shares

If you disable this cookie we will not be able to save your preferences. This means that every time you visit this website you will have to enable or disable cookies again. Tesla CEO Elon Musk has accused US authorities of subjecting him to “reckless investigations” for his criticism of the government.

In a court filing, the regulator said the Consumer Protection Agency (CPCA) is investigating the case, and the Commerce Department has engaged in “full-scale efforts” to monitor companies that appear to be restricting the rights and freedoms of consumers. you. The statement.

In 2018, the SEC ordered Musk to provide increased scrutiny of his work at Tesla as part of a settlement of allegations that he misled investors in 2018 with an announcement to acquire the car company.

The SEC has repeatedly questioned Musk’s control over the deal, and Musk has agreed to give Tesla executives a pre-approved position on the company.

Elon Musk Says His Spacex Shares Could Have Also Helped Fund Taking Tesla Private

This month, Musk asked his more than 70 million Twitter followers if he could sell his 10% stake in Tesla by reducing the shares.

In a letter to Judge Alison Nathan, who oversees the 2018 settlement, billionaire lawyer Alex Spiro accused the executive of “using a legal weapon, using it to try to destroy Musk and Tesla.”

“The SEC appears to be targeting Musk and Tesla for a full investigation because Musk is a government analyst,” he wrote on behalf of Musk and Tesla.

“The SEC’s efforts appear to be aimed at easing its first amendment rights rather than enforcing the law entirely by hand.”

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He said the SEC had launched “several investigations” without seeking the court’s advice and that the agency had delayed disbursing $40 million to investors.