Elon Musk returned to federal court Monday to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia's Public Investment Fund — although no specific funding amount or price was discussed.
The billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share. Speaking in a soft halting tone, Musk said Monday he "had trouble sleeping last night and unfortunately I am not at my best." He added that it was important for jurors to know that he "felt that funding was secured" due to his ownership of "SpaceX stock alone."
In the first of the 2018 tweets, Musk stated "funding secured" for a what would have been a $72 billion — or $420 per share — buyout of Tesla at a time when the electric automaker was still grappling with production problems and was worth far less than it is now. Musk followed up a few hours later with another tweet suggesting a deal was imminent.
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