Home Lifestyle Elon Musk testifies that the Saudi bid to take over Tesla at $420 a share was no joke

Elon Musk testifies that the Saudi bid to take over Tesla at $420 a share was no joke

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Tesla CEO Elon Musk believed he was backing Saudi Arabia’s Public Investment Fund in 2018 when he tweeted that financing the electric car maker’s privatization was “safe,” the billionaire insisted in court Monday.

Highlights

  • According to Bloomberg, Musk said that the Saudi Public Investment Fund “categorically wanted to privatize Tesla.”
  • The head of the fund, Yasir Al-Rumayyan, said he met Crown Prince Mohammed bin Salman, the country’s de facto leader, according to Musk, who explained: “I understand that means the deal is done.”
  • Musk called the $420 share price he claimed he got for Tesla a “coincidence” unrelated to the typical $420 association with marijuana, but said quipped that the number represented good “karma.”
  • Musk testified that “the $420 price tag was no joke.

main context

Musk’s famous tweet: “Considering taking Tesla private at $420. Funding secured,” which refers to a premium of over 20% to Tesla’s stock price at the time Musk and Tesla earned $20 million in SEC penalties. The SEC later said the billionaire did not, in fact, obtain financing to take the company private, and his misrepresentation sent the company’s shares soaring 6% after the letter. The lawsuit, filed by a group of Tesla retail investors, including lead plaintiff Glenn Littleton, a Missouri investor, seeks billions of dollars in damages and alleges that Musk knowingly pushed up the company’s stock price by providing false or misleading information about a privatization deal. Alleged Tesla. Mr. Musk testified for about 30 minutes Friday in the shareholder lawsuit, saying his Twitter activity had no direct impact on Tesla’s stock price and ransacking Tesla short sellers who added more pressure on the company at the time of the tweet. The Saudi Public Investment Fund manages more than $500 billion in assets, according to its latest estimates, including billions of dollars in shares of US companies such as Amazon and Google, though the fund may be better known in the US for financing a PGA Tour competitor. Leaf golf.

Amazing fact

Musk smoked marijuana live on the Joe Rogan Experience podcast in September 2018, a month after funding $420, and he chirp Photo of him doing it in April 2022, shortly before he agreed to buy Twitter for $44 billion.

Interesting quote

“I had trouble sleeping last night, so, unfortunately, I’m not at my best,” Musk was quoted as saying by the Washington Post.

the shadow

Musk added $5.5 billion to his fortune on Monday with Tesla shares surging 6.5% to their highest level since mid-December. Elon Musk has a net worth of $158.6 billion according to our latest estimate, which is $38 billion more than the second richest American, Amazon founder Jeff Bezos. Musk’s company will report its quarterly results on Wednesday.

Translated article from the American magazine Forbes – Author: Derek Saul

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