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Elon Musk says his SpaceX shares could have also helped fund taking Tesla private

The trial tests Musk's penchant for taking to Twitter to air his sometimes irreverent views, and when the world's second-richest person can be held liable for crossing a line.

January 24, 2023 / 06:10 AM IST

Elon Musk told jurors on Monday he was sure he had locked up financial support from Saudi investors in 2018 to take his electric car maker Tesla Inc private, and could even have used his stake in rocket company SpaceX to fund a buyout.

At a trial in San Francisco federal court, the billionaire, who said he was tired from a lack of sleep, spoke quietly and calmly during roughly five hours of testimony.

"With SpaceX stock alone, I felt funding was secured" for the buyout, he told a jury, referring to the aerospace company where he is also CEO. He added later that he chose not to take Tesla private due to a lack of support from some investors and a wish to avoid a lengthy process.

Musk is defending against claims that he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed."