Tesla Inc. TSLA CEO Elon Musk He said he believed he could have sold a stake in his rocket company SpaceX to take Tesla private in 2018.
On Monday, Musk testified at a trial in San Francisco federal court, defending a 2018 tweet about taking Tesla private and saying that “funds were secured.”
“Even SpaceX stock alone means ‘funds secured’ by itself. So I don’t want to sell SpaceX stock, but I could do it. I sold my Tesla stake to complete the Twitter deal, and I would have done the same here,” CNBC quoted Musk as saying in court.
But Musk didn’t say how many SpaceX shares he was able to sell and for what price to fund the Tesla deal, CNBC reported.
According to a New York Times report, Musk has admitted to not mentioning SpaceX shares as a potential source of funding in his 2021 deposition.
However, Musk said he referred to the use of those shares in affidavits as part of the SEC’s investigation into Musk’s move to take Tesla private.
Investors are seeking billions of dollars in damages for losses after Musk posted on Twitter about taking Tesla private at $420 per share.
Nicholas L. Polritt of Levi and KolcinskiA shareholder lawyer, he asked if the price Mr. Musk was quoting for Tesla shares was a joke. Musk said the $420 amount was chosen because “it was his 20% premium to the stock price.” He reportedly said the price was no joke.
However, he said it was a coincidence. “I think I have around 420 karma…At this point, I have to question whether it’s good karma or bad karma.”
Musk also testified that he had met with representatives of Saudi Arabia’s sovereign wealth funds. public investment fundat the Tesla factory in Fremont, Calif., on July 31, 2018.
According to Musk, the fund’s president, Yasir Al Rumayyanlater withdrew a promise to keep Tesla private.
“When we met, I was very upset because he was clearly in favor of keeping Tesla private. And now he seems to be backing off.” rice field.
SpaceX has reportedly raised $750 million in a new funding round, which will value the company at $137 billion.
The latest funding round Andreessen Horowitz.
READ NEXT: Elon Musk Focuses More On Twitter And Tesla, But SpaceX Employees Love Calmness
Photo courtesy of Dunk on flickr.