Tesla CEO Elon Musk is still facing a lawsuit because of his tweets in 2018.
(Photo : Photo by FREDERIC J. BROWN/AFP via Getty Images)
Tesla co-founder and CEO Elon Musk introduces the newly unveiled all-electric battery-powered Tesla Cybertruck at Tesla Design Center in Hawthorne, California on November 21, 2019. (Photo by Frederic J. BROWN / AFP)
Five years ago, the billionaire boldly claimed that the funding for Tesla's transition to being a private automaker had been secured.
During that period, Musk said that Tesla could have $420 per share since he already had the support of his investors.
However, Bloomberg reported that Musk didn't have enough money to make Tesla private. A conversation transcript revealed this detail.
Tesla 2018 Funding Issue Update
According to CNBC's latest report, Elon Musk said he was prepared to sell SpaceX to secure Tesla's private transition.
(Photo : Photo credit should read SAUL LOEB/AFP via Getty Images)
This file photo shows the Tesla logo is seen outside of their showroom in Washington, DC, on August 8, 2018. - Tesla shares surged on Tuesday October 23, 2018, after a high-profile stock short-seller shifted gears to say the electric car maker is "destroying the competition." (Photo by SAUL LOEB / AFP)
Also Read: Elon Musk Could Likely Lose Billions Following His 'Tesla Private' Tweet
The billionaire shared this detail with a San Francisco court on Monday, Jan. 23.
He claims the aerospace company's overall shares were enough to finance the transaction.
Elon added that he didn't want to sell SpaceX in 2018. He clarified that he only considered doing it to secure Tesla's funding.
The billionaire even compared his 2018 plan with the strategy he used to acquire Twitter.
Musk stated that before he completed the Twitter acquisition, he sold lots of Tesla stocks to make it happen.
As of writing, the billionaire hasn't specified the total value of SpaceX shared in 2018. He also didn't disclose to whom he would sell it if necessary.
Not the First Time Musk Was Sued Because of Previous Tweets
This is not the first time the Tesla CEO has been sued because of his tweets.
The U.S. Securities and Exchange Commission recently filed a legal action against the billionaire.
SEC charged Elon and his car company with civil security fraud.
Because of this, the billionaire and Tesla paid separate $20 million finds to SEC to settle the charges.
Elon Musk's EV company has been facing many issues over the past years.
Previously, his 2016 Tesla FSD promotional video was debunked by a Tesla autopilot director.
We also reported that the Tesla China price cuts led to protests after Chinese consumers missed the cost drops.
For more news updates about Tesla and other automakers, keep your tabs open here at TechTimes.
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