Daily Tech News, Interviews, Reviews and Updates

Elon Musk claims his deal with Saudi Arabia taking Tesla private is “entirely truthful”

Elon Musk was furious with Saudi Arabia’s Public Investment Fund (PIF) for not making public that it had told Tesla it was interested in helping to take the company private. Musk ultimately abandoned his attempt to take Tesla private several weeks after the now-infamous tweet.

Elon Musk’s August 7, 2018 tweet informing the public that he was considering taking Tesla private is considered entirely truthful.

Elon Musk faced a class-action lawsuit from disgruntled investors, who believe they have been wronged and punished by the billionaire’s tweet. A jury trial is expected to begin on May 31, 2022, according to the lawsuit. A settlement between the two parties cannot be ruled out, but no decision has been made yet.

Prior to Musk’s attempt to take Tesla public, the PIF held a significant amount of Tesla stock. However, it sold 99.5 percent of its holdings in 2019, foregoing a windfall if the share price rose in 2020.

Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More