According to reports, Tesla CEO Elon Musk (Elon Musk) told a federal court in San Francisco today that he could have sold SpaceX stock to support the Trump administration proposed in 2018. Tesla privatization plan.
On Monday local time, the “Tesla privatization tweet case” trial entered its second day. The class-action lawsuit began in August 2018, when Musk announced on Twitter that he was considering taking Tesla private at $420 per share. Musk also said at the time that the privatization funds were secured, supported by the Saudi sovereign wealth fund PIF, and that the company’s investors also supported the decision.
The news pushed Tesla’s stock price up about 13% at one point on the day, when it closed at $379.57 per share. But then, as the situation reversed, Tesla’s stock price fell all the way. To this end, Tesla investors launched a class action lawsuit, claiming that Musk issued false or misleading statements.
During today’s trial, Musk said he said he had “already secured funding for this potential deal” for another reason: He could also sell a stake in SpaceX to finance the deal. SpaceX is a space exploration technology company owned by Musk, with Musk as the CEO and its largest shareholder.
Musk said in court: “SpaceX stock itself means that this potential transaction has financial security. Of course, this is not to say that I want to sell SpaceX stock, but I can do it. Looking at the Twitter transaction, I am It did. I sold Tesla stock to complete the Twitter acquisition. It was the same at the time.”
But Musk did not say how much of his SpaceX stake he would sell, to whom, or at what price, to help fund Tesla’s privatization.
During the trial, Nicholas L. Porritt, an attorney representing the plaintiff’s shareholders, asked Musk if he was joking at Tesla’s privatization price of $420 per share because “420” was popular The cultural reference is cannabis (April 20 is “International Cannabis Day”). Musk, for his part, insisted that this was entirely a coincidence.
Due to various resistances, Musk announced in late August 2018 that he would abandon Tesla’s privatization plan. Musk said at the time that the time and energy spent on privatization exceeded initial expectations, and most Tesla shareholders also believed that Tesla should continue to maintain Tesla’s status as a listed company.
Editor in charge: Zheng Zhuo
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Event Tracking
- 2023-01-24 Musk: Tesla could have been privatized by selling SpaceX stock in 2018
- 2023-01-18 Musk may have to pay billions of dollars for a tweet four years ago
- 2020-12-25 Musk: If Starlink revenue growth is expected, it is very likely to go public
- 2019-03-12The deadline is approaching: Musk still has not responded to the SEC’s “contempt of court” allegations
- 2018-09-28 It is reported that Musk was asked to step down as chairman of Tesla for 2 years and give up reconciliation with SEC
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