Elon Musk’s former chief of staff on Wednesday testified that the billionaire believed he had a ‘handshake deal’ to take Tesla private in 2018
Elon Musk’s former chief of staff on Wednesday testified that the billionaire believed he had a “handshake deal” to take Tesla private in 2018 shortly before he tweeted he had the financing for an aborted buyout that is still haunting him in a high-profile trial.
Teller’s testimony came on the ninth day of a trial triggered by a class-action lawsuit filed on behalf of Tesla shareholders alleging Musk misled them with tweets in August 2018. In the tweets, Musk indicated he had locked up the money to lead a buyout of the electric automaker, ending its then eight-year history as a publicly held company. The case is scheduled to be turned over to the nine-person jury Friday.
In the last of five meetings held with Saudi fund that began in January 2017, Teller said Musk became increasingly excited as he discussed taking Tesla private with Yasir al-Rumayyan, a governor for the Saudi fund, during a July 31, 2018 meeting. Amid widespread confusion about whether Musk’s Twitter account had been hacked or he was joking, Musk followed up a few hours later with another tweet suggesting a deal was imminent.
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