Musk Testifies Saudi-Backed Offer To Take Tesla Private At $420 Per Share Was No Joke

Topline Tesla CEO Elon Musk believed he’d earned the backing of Saudi Arabia’s Public Investment Fund in 2018 when he tweeted funding to take the electric vehicle maker private

was “secured,” the billionaire insisted in court Monday, as the U.S.’ wealthiest man’s court testimony defending his oft-controversial behavior on Twitter continued into its

second day.Key Facts The Saudi sovereign wealth fund “unequivocally wanted to take Tesla private,” Musk said on the stand as part of a civil lawsuit accusing Musk of

securities fraud, according to Bloomberg (the court’s live audio feed was not working in the beginning portion of his testimony). The fund’s head Yasir Al-Rumayyan said he

met with the country’s de-facto leader Crown Prince Mohammed bin Salman, according to Musk, explaining: “I took that to mean it was a done deal.” Musk called the

$420-per-share price he claimed to secure for Tesla a “coincidence” with no relationship to 420’s typical association with marijuana, but added with a chuckle the number

represented good “karma.” The “$420 price was not a joke,” Musk testified, adding he was unsure whether or not his then-partner, the musician Grimes, was amused at the share

price, as the Securities and Exchange Commission claimed in 2018.