Elon Musk told a San Francisco federal court on Monday that he could have sold shares of SpaceX to take Tesla private in 2018.
private in 2018. He was then, and still is, the CEO and largest shareholder of both companies.
The shareholders in the certified class action lawsuit allege that Musk's tweets were reckless and false, and relying on his statements to make investment decisions cost them significant amounts of money.that he had a verbal commitment from Saudi Arabia's sovereign wealth fund, and was sure that funding would come through at his proposed price based on a handshake. However, the deal never materialized.
Musk said under oath, "SpaceX stock alone meant 'funding secured' by itself. It's not that I want to sell SpaceX stock but I could have, and if you look at the Twitter transaction — that is what I did. I sold Tesla stock to complete the Twitter transaction. And I would have done the same here." An attorney for the shareholders, Nicholas L. Porritt of Levi & Korsinsky, asked Musk if the price he suggested for Tesla shares was a joke becauseMusk insisted that this was coincidental. He said, "There is some, I think, karma around 420... I should question whether that is good or bad karma at this point."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk says his SpaceX shares would've funded his plan to take Tesla private | EngadgetMusk also said that Tesla's $420-per-share price in his infamous 'funding secured' tweets wasn't a weed joke..
Read more »
Elon Musk says he counted on selling SpaceX stock to take Tesla privateElon Musk says he counted on cashing in SpaceX stock to take Tesla private when he tweeted 'funding secured'
Read more »
Tesla’s Problems Go Way Beyond Elon MuskThe EV giant is alienating its customers, bringing in less revenue, and falling behind legacy carmakers.
Read more »
Elon Musk testifies in second day of Tesla tweet trialElon Musk returned to federal court Monday in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
Read more »
Was Pro Power Saver Endorsed by Elon Musk and Tesla?Not only did Elon Musk and Tesla have nothing to do with this product, the claim that the device could potentially save homeowners up to 90% off their electricity bill reminds us of a wise saying: If something seems too good to be true, it probably is.
Read more »
Elon Musk testifies in 2nd day of Tesla tweet trialElon 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. The tweet resulted in a $40 million settlement with securities regulators after the deal never came close to happening.
Read more »