420 was not chosen because of a joke; it was chosen because there was a 20 percent premium over the stock price: Musk theSun theSundaily tesla share ElonMuskNews court investors
Tesla CEO Elon Musk is questioned by his attorney Alex Spiro during a securities-fraud trial at federal court in San Francisco, California, U.S., January 23, 2023 in this courtroom sketch. REUTERSPIX: Elon Musk on Monday told jurors that his 2018 tweet about taking Tesla private at $420 a share was no joke and that Saudi Arabia's sovereign wealth fund was serious about helping him do it.
“420 was not chosen because of a joke; it was chosen because there was a 20 percent premium over the stock price,“ Musk said when asked if he was having a laugh when he made the tweet. The tweets sent the Tesla share price on a rollercoaster ride and Musk was sued by shareholders who say the tycoon acted recklessly in an effort to squeeze investors who had bet, or “gone short,“ against the company.“It’s difficult to appreciate just now just how much attack Tesla was under by short sellers who wanted Tesla to die,“ Musk told jurors.
Musk testified that he understood the fund would do whatever it took to take Tesla private and had plenty of money to do it.
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