Hyperdrive
Musk's Belated Explanation Is Unlikely to Get SEC Off His Back
- Agency will continue digging into his statements, lawyers say
- In blog post, Musk offers details on funding for Tesla buyout
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Elon Musk is finally offering more details on his bombshell tweet that he had “funding secured” to take Tesla Inc. private. It’s unlikely to get U.S. regulators off his back.
Market uncertainty over whether Musk really had lined up the billions of dollars he’d need has led to wild trading in the electric-car maker’s shares ever since his Aug. 7 tweet. In a blog post Monday, Musk sought to clarify by saying that Saudi Arabia’s sovereign wealth fund had been urging him since the beginning of 2017 to take Tesla private.