Elon Musk testified Monday that he was not only certain he’d have the backing from Saudi financiers to take Tesla private in 2018, but also that he could have sold enough shares of his rocket company SpaceX to fund a buyout.
Musk defended himself as part of an ongoing lawsuit against the CEO for allegedly defrauding investors by tweeting on August 7, 2018 that he had secured funding to take Tesla private at $420 per share and that “investor support is confirmed.” Tesla’s stock price surged after Musk’s tweets and later dropped when it became clear the buyout wouldn’t happen. Investors say they lost millions as a result of Musk’s tweets.
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Musk says he tries to do what’s best for investors