Elon Musk confirms he had a deal with Saudi Arabia to take Tesla private in 2018

elon musk
Credit: Tesla

Elon Musk has confirmed that his infamous 2018 tweet claiming he had plans to take Tesla private was entirely truthful.

In a US District court motion filed late Tuesday obtained by the New York Post, Musk’s lawyers say the Saudi Arabia Sovereign Wealth Fund was behind the deal.

As per the motion, Musk’s lawyers confirmed that “Elon Musk’s August 7, 2018 tweet informing the public that he was considering taking Tesla private was entirely truthful. Mr Musk was considering taking Tesla private at $420 a share. Funding was secured. There was investor support”.

In addition, his attorney added, “Per Mr Musk’s discussions with the Saudi Arabia sovereign fund, it was secured.”

The lawsuit currently working through the courts is from Tesla stockholders who filed a class-action lawsuit seeking a summary judgement.

They allege that Musk defrauded investors after sending out the infamous tweet.

The case is still working its way through the court system, and the majority of the filing is redacted.

Neither Telsa, Musk, nor the Saudi Arabia Sovereign Wealth Fund commented. Nor did they speak about the alleged actions in 2018 mentioned in the motion.

Are you buying a Tesla? If we helped click here to email us for a referral code & earn referral credits to redeem for Supercharger credits, merchandise, accessories, and even software upgrades.
About Scott Nordlund 1639 Articles
Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca