Elon Musk testified that Saudi Arabia's sovereign wealth fund “unequivocally” wanted to take Tesla private in 2018, a core element of his defense to claims that his tweets about the take-private plan misled shareholders.
Elon Musk testified that Saudi Arabia's sovereign wealth fund “unequivocally” wanted to take Tesla Inc. private in 2018, a core element of his defense to claims that his tweets about the take-private plan misled shareholders.
As he resumed testifying Monday after a brief appearance on the witness stand Friday, Musk told jurors that he had discussions with the Saudi Public Investment Fund about the transaction. He said the amount required for the fund was “potentially” less than US$10 billion. Court filings indicate that Musk himself owned about 19 per cent of Tesla at the time. The billionaire would have needed more than 50 per cent to take the company private.
“That’s not really how they do business,” Musk said. “If they say they’re going to do something they do. A signed document is neither here nor there.”
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