Elon Musk: Tweets About Taking Tesla Private Weren't Fraud

CBS San Francisco

January 24, 2023

Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia's Public Investment Fund — although no specific funding amount or price was discussed.

The 51-year-old billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share.

But the deal never came close to happening, and the tweet resulted in a $40 million settlement with securities regulators.

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