Elon Musk to continue testifying at the Tesla trial in support of his tweets
Elon Musk stated in court that the national wealth fund of Saudi Arabia “unambiguously “a key part of his defense against accusations that his tweets about the take-private proposal deceived shareholders was his desire to privatize Tesla Inc. in 2018.
In a class-action lawsuit, the shareholders claim that the tweets’ lies caused them to suffer significant losses due to the dramatic fluctuations in stock price over the 10-day period prior to the plan’s abandonment.
After making a brief appearance on the witness stand on Friday, Musk continued his testimony on Monday and informed the jury that he had spoken with the Saudi Public Investment Fund about the deal. The required sum for the fund, he claimed, was “possibly” “under $10 billion.
According to court documents, Musk at the time held around 19% of Tesla. To take the business private, the billionaire would have needed more than 50% of the shares.
For the purpose of the trial, jurors must consider Musk’s mental state on August 7, 2018, when he tweeted that he had “financing secured” to take Tesla private for $420 per share and that “investor support is confirmed.”
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