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Elon Musk’s fortune surges $11 billion during Tesla’s tweet trial

Elon Musk’s net worth has risen again by about $11 billion, despite being in the middle of a bitter legal battle over two infamous tweets of 2018.

The billionaire said this week that Musk was considering taking Tesla private for “$420. Funding secured” after Tesla investors filed a class action lawsuit.

But Musk had met with Saudi sovereign wealth fund executives about the money needed to take Tesla private, but investors claimed the tweets were based on lies and lost billions of dollars. and the transaction did not go through.

Musk first testified on Friday. Bloomberg Billionaires Index, Since then, his net worth has soared to $145.2 billion (around $10.6 billion), marking the biggest two-day increase since November.

But it’s not all good news for Twitter’s owner, who last month became the first person to lose $200 billion from his personal fortune.

Musk, meanwhile, claims his tweet that “funds have been secured” was no joke, and that he believed the deal with Saudi Arabia was safe at the time.

“My understanding was that they would go ahead with the deal.” CNN.

He added that the Saudi fund boss “was clearly in favor of taking Tesla private when we met”, but “seemed to backtrack” before long.

In any case, he said he had enough personal wealth to take Tesla private if he wanted to, even without Saudi money, with the option to use SpaceX stock.

Musk also claimed he decided to share the tweet because he was worried the details would soon be leaked to the press, saying he wanted to “make sure all investors stand on equal footing.” I was just trying to beat the story.

He also claimed that the specific $420 amount was no joke, even though the number 420 is a common code for marijuana.

Instead, he claimed it represented a premium of about 20% to the stock price.

“The 420 price was no joke,” he said.

“There’s some karma around 420, but at this point it’s questionable whether it’s good karma or bad karma.”

His attorney, Alex Spiro, also argued that Musk’s choice of words was poor, but that the tweet did not constitute fraud and was not intended to mislead investors.

“In a state of haste and recklessness, he tweeted the wrong word choice,” Spiro said.

“In his view, funding was not an issue, it was secured.

“But what he said in that tweet was ‘funds secured’ without elaborating on what that means to him.”

Musk’s 2018 tweet sparked scrutiny by the U.S. Securities and Exchange Commission (SEC), which ultimately fined the billionaire and Tesla $20 million each.

first published as Elon Musk’s fortune soared by $11 billion in just two days during Tesla’s tweet trial

Elon Musk’s fortune surges $11 billion during Tesla’s tweet trial

Source link Elon Musk’s fortune surges $11 billion during Tesla’s tweet trial

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