Elon Musk once again went to the courtroom because of a tweet he shared in 2018. In the lawsuit filed by Tesla’s shareholders, Musk took the stand again to defend his 2018 “funded-assured” tweets and said he could sell SpaceX shares to buy Tesla.Elon Musk, Tesla, SpaceX and the Twitter quadrangle
Elon Musk told the San Francisco federal court on Monday he could sell SpaceX shares to buy Tesla in 2018. Musk was the CEO of both companies in 2018, as he is currently.
Musk said in his 2018 tweet that he had “funded” to privately buy Tesla’s shares for $420 per share, and that investor support for the deal was confirmed. These statements of Musk were sued by Tesla shareholders for stock market fraud. Because investors claim that Musk’s statements at that time made them lose billions of dollars. In the second leg of the case, Musk clarified his words by going to the witness stand once again to defend his statements.
According to Musk, the “secured fund” essentially meant his shares in SpaceX. Therefore, Musk claims that he could sell SpaceX’s shares at that time as a financing door. On the other hand, it was claimed that the financing that Musk mentioned in his tweets in 2018 would come from the Public Investment Fund belonging to Saudi Arabia. In fact, it is claimed that what Musk refers to as “$420” in popular culture, but Musk denied this claim in court and stated that it was a coincidence.While the litigation process is still ongoing, the aforementioned purchase never happened. Musk, on the other hand, states that he is talking about only one possibility. So, he says, if he wanted to turn Tesla into a private company, he could sell his SpaceX shares at that time. As a matter of fact, Musk sold a significant amount of SpaceX shares to buy Twitter. In the meantime, if Musk loses the case, he will face a hefty compensation.
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