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Musk Says Tesla Go-Private Plan Counted on SpaceX, Saudi Money

  • Tesla CEO is defending 2018 tweets in investor fraud lawsuit
  • Billionaire set to continue testimony Tuesday in San Francisco
Bloomberg business news
Musk: Tesla Go-Private Plan Counted on SpaceX, Saudi Money
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Elon Musk told a jury that his 2018 tweet announcing a proposal to take Tesla Inc. private included the possibility of using his holdings in SpaceX to help finance the transaction, along with a multibillion-dollar commitment by Saudi Arabia’s sovereign wealth fund.

As the star witness in a securities fraud trial in San Francisco, the Tesla CEO was defending the famous tweet in which he said he was considering taking the electric-car maker private and had “funding secured.” Investors have alleged the tweets were lies that cost them big losses from wild stock price swings over a 10-day period before the plan was abandoned.