Recently, musk said that his tweet on Tesla (tsla. US) privatization plan released in 2018 was “completely true”, and those investors who claimed that this tweet was fraudulent were wrong.
According to the report, Musk’s lawyer said in a court document submitted on Tuesday that Saudi Arabia’s sovereign wealth fund did agree to support his efforts to privatize the company.
“Elon Musk told the public on twitter on August 7, 2018 that he was considering privatizing Tesla, which is completely true,” lawyer Alex spiro said in a heavily revised document. “Musk was considering privatizing Tesla at the price of $420 per share. The capital was guaranteed and the support of investors.”
It is reported that the tweets at that time affected the company’s share price and led the securities and Exchange Commission (SEC) to sue musk for fraud. Musk and Tesla reached a settlement with the agency, agreed to pay a fine of $40 million, and musk resigned as chairman of the company for three years.
In a class action lawsuit pending in the federal court of San Francisco, some shareholders claimed that Musk’s tweet triggered sharp fluctuations in the company’s share price and caused billions of dollars in losses.
Investors hope that before the trial on May 31, the judge will rule that these tweets are false statements. The hearing is scheduled for March.
