Elon Musk’s Tesla Tweet Trial Reportedly Exposes His ‘Mysterious Ways’

Teejay Boris, Tech Times 29 January 2023, 08:01 pm

Elon Musk is currently facing a trial that scrutinizes his previous controversial tweet that suggests a Tesla buyout.

And now that Musk has given his testimony for the trial in the federal courtroom of San Francisco, his "mysterious ways" are reportedly seeing the shimmer of the spotlight.

Elon Musk's Tesla Tweet Trial

As per a recent report by The Verge, a new shareholder class action lawsuit is now accusing the tech billionaire of manipulating the stock of his electric vehicle maker, Tesla.

(Photo : OLIVIER DOULIERY/AFP via Getty Images)
In this photo illustration, a phone screen displays the Twitter account of Elon Musk with a photo of him shown in the background, on April 14, 2022, in Washington, DC.

And this allegation came from a tweet that the big boss of the giant automaker made back in 2018, the news outlet notes in its report. Musk said in said Twitter post that he had "funding secured" to turn Tesla private.

Weeks after posting that, the stock price of the EV maker had been volatile, seeing its all-time highs and extremely low pricing.

This time, the class action suit seeks to determine if the 2018 tweet affected the stock pricing of the giant all-electric car maker.

Musk's Testimony

According to a news story by Associated Press News, the big boss of Tesla shared in his testimony in the trial that getting funding is "relatively easy for him."

The Tesla CEO bragged in his testimony that "it is relatively easy for me to get investment support because my track record is extremely good."

Musk also notes during the trial that "every time we've raised money, it has been at a higher price. So investors have done extremely well." On top of that, the tech entrepreneur also believes he has the "best track record" with investors.

AP News reports that Musk met with the representatives of the Sovereign Wealth Fund of Saudi Arabia in 2018. And after that, he reached out to the board of the EV maker to share his intention to make Tesla private with a price above its current stock pricing. The billionaire wants to secure funding worth $420 per share.

On August 7, 2018, the Associated Press noted that Musk tweeted that he had "funding secured" for taking Tesla private.

Musk said in his testimony that he had "no ill motive" when he posted the tweet back in 2018. Instead, the entrepreneur explains that his "extend was to do the right thing for all shareholders."

(Photo : CARINA JOHANSEN/NTB/AFP via Getty Images)
Tesla CEO Elon Musk looks up as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway on August 29, 2022.

What's more, AP News notes that evidence, witnesses, and the testimony of the tech entrepreneur revealed that Musk has yet to lock up that financing to take Tesla private.

But Musk argued in his testimony that he believes the funding has been successfully secured in an oral commitment with the wealth fund governor of Saudi Arabia, Yasir al-Rumayyan.

But a text message after the "secured funding" tweet, which was submitted as evidence in the ongoing trial, suggests otherwise.

The wealth fund governor reportedly messaged the Tesla CEO, saying "I would like to listen to your plan, Elon, and what are the financial calculations to take it."