Technology,
Securities
Jan. 24, 2023
‘Funding secured’ tweet not joke or fraud, Musk testifies
“The $420 price was not a joke,” Musk testified, defending his proposed price point. He said the $420 was a coincidence, adding that in August 2018, a 20% premium on Tesla’s then stock value produced a figure of $419 per share and rounding that number up was a logical move. Musk also said he did not determine that number on the spur of the moment and he had proposed $420 to the Tesla board before the date of his tweet.
Elon Musk wasn’t riffing on the date of April 20 — a date and number commonly understood to refer to marijuana use — when he told his Twitter followers that he had lined up funding to take Tesla Inc. private at $420 a share, the billionaire told jurors Monday.
“The $420 price was not a joke,” Musk said, defending his proposed price point. He testified the $420 was a coincidence, adding that in August 2018, a 20% premium on Tesla’s then stoc...
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