Musk says he was sure Saudis wanted to take Tesla private

| Elon Musk says he was sure he had backing from Saudi financiers in 2018 to take Tesla private, as heAt a trial in San Francisco federal court, Mr Musk told the investors’ lawyer Nicholas Porritt that he had met on July 31, 2018, with representatives of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund at Tesla’s California, factory.

Tesla’s stock price surged after Musk’s tweets, and later fell as it became clear the buyout would not happen. The plaintiffs have already cleared high legal hurdles in the rare securities class action, with US Judge Edward Chen ruling last May that Mr Musk’s post was untruthful and reckless.But in Monday’s testimony, Mr Musk said he believed he could have sold enough shares of his rocket company SpaceX to fund a buyout, and “felt funding was secured” with SpaceX stock alone.

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