camp efforts Elon Musk Trans to convert company “Tesla” to private propertyLi reputation of a billionaire and his attempt to buy a company “Twitter”، Following his famous “secured financing” tweet during August 2018.
Currently, a series of text messages that Musk exchanged with friends in Silicon Valley, investors and the general manager of the Saudi Public Investment Fund during that story have been exposed as part of an ongoing shareholder lawsuit. The texts give an opportunity to see how Musk thinks, as he seeks once more – following regarding 4 years – to transform a publicly traded company into a private one.
In one of the text messages exchanged with Yasser Al-Rumayyan, Governor Saudi Public Investment FundAngry Mask is having a discussion For an article published in Bloomberg News. He reported that the fund “has been said to be in talks” to turn Tesla into a private company.
Musk wrote in a text message, according to case papers The 300-page filing filed late Friday as part of the lawsuit said: “This is a severely weak statement, and does not reflect the conversation we had at Tesla. You mentioned that you are certainly interested in going private with Tesla. And you’ve been wanting to do it since 2016, he continued, “I’m sorry, but we can’t do it together.”
“It’s up to you, Elon,” replies Al-Rumayyan.
“You’re throwing me under the bus,” Musk writes.
“To practice tango, you need to have two people,” Al-Rumayyan says. He continued, “We haven’t gotten anything yet.”
The give and take continues. “We can’t agree to something we don’t have enough information regarding,” Al-Rumayyan tells Musk. He says he was waiting for more financial information. Later in the exchange, Al-Rumayyan asked Musk, “Read the article, please.”
“I read the article,” Musk says. “It’s worthless, and it still makes me sound like a liar. It’s full of ambiguity, and in no way indicates the strong interest I’ve expressed personally.”
Talks with the Saudi Public Investment Fund did not progress, and Musk continued to make the offer through private equity firm Silver Lake and a group of “Goldman Sachs”. Musk delayed these efforts a few weeks later, when it became clear that many large investors would not approve of them, and he did astonishing the financial world with a blog post late Friday night titled Continuing as a public company.
miss opportunity
Since then, Tesla has become a source of profit, and has set up factories in Shanghai, Berlin, Austin, and Texas. The company indisputably fueled the shift to electric cars, and its trillion-dollar valuation stunned the financial community, making Musk the world’s richest person.
However, contributors who have filed a lawsuit once morest Musk in federal court claim that Musk’s “indisputably wrong” August 2018 tweets and subsequent Twitter posts; It cost them billions of dollars in losses due to wild fluctuations in Tesla’s stock price. Musk and his lawyers insisted the tweet, directed at his millions of followers, was “entirely honest”.
Musk’s lawyers stuck to their evidence that the Saudi sovereign fund had agreed to support his bid to take over Tesla. The text messages came as part of a lawsuit brought by Alex Spiro, Musk’s primary independent attorney.
The filing of the lawsuit includes excerpts from Musk’s filing with the US Securities and Exchange Commission, which has sued Musk for fraud. The agency eventually reached a settlement with Musk and Tesla, in which they paid $20 million each, and Musk relinquished the position of Tesla CEO for three years.
Twitter chats
Meanwhile, Musk silently acquired a more than 9% ownership stake in Twitter, becoming its largest single shareholder, before refusing to take a seat on the board of directors and sending a $43 billion offer to buy the company this month.
After providing funding from institutions, including “Morgan Stanley”; Musk spent Sunday with Twitter executives, according to a person familiar with the matter, showing that the company in general is more open to discussing a deal than before.
But while Musk says he raised $46.5 billion to fund an offer to buy the social media platform; The text messages from 2018 are a reminder that the 50-year-old billionaire can also make up his mind. And when he gets angry, he doesn’t forget it.
The case is filed regarding Tesla in the Securities Litigation Division, No. 18-CV-04856, of the United States District Court, Northern District of California (San Francisco).
