Musk tells court Saudis “unequivocally” backed plan to take Tesla private

Source: The Guardian [UK]

“Elon Musk continued his testimony in a trial accusing him of defrauding investors by driving up the price of Tesla stock with his tweets on Monday, saying that he understood that Saudi financiers were ‘unequivocally’ behind his plan to take the electric carmaker private in 2018. The Tesla CEO’s tweets suggesting he had ‘funding secured’ to buy up Tesla stock at $420 a share are the center point of the trial now in its fifth day in San Francisco federal court. … At stake are millions of dollars for shareholders who claim they suffered losses after Musk tweeted in August 2018 that ‘investor support is confirmed’ for the deal. Tesla’s stock price surged after Musk’s tweets, and later fell as it became clear the buyout would not happen.” (01/23/23)