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Musk's text messages related to 2018's 'taking Tesla private' incident surfaces

Musks text messages related to 2018s taking Tesla private incident surfaces

When billionaire Elon Musk is making headlines over his aggressive interest in buying Twitter, a series of text messages from 2018's 'taking Tesla private' events have resurfaced. Many opine that the messages are a window into Musk's thought process and actions.

In August 2018, co-founder and CEO of Tesla Elon Musk posted a tweet saying funding to take Tesla Inc. private has been secured. However, the effort was short-lived as many investors did not get on board. Musk confirmed the decision to stay public in a blog post titled 'Staying Public'.

The incidents led to the shareholders suing Musk in federal court arguing that Musk's "indisputably false" tweet and follow-up posts on Twitter cost them billions of dollars because Tesla's stock price kept fluctuating. The billionaire's lawyers argue that his tweet was "entirely truthful".

A series of text messages between Musk and Yasir Al-Rumayyan, the head of the Saudi Public Investment Fund is putting the 2018 incident in context. After the infamous tweet, Mr Al-Rumayyan said in a Bloomberg article that "the fund was said to be in talks to take Tesla private.

Musk reached out to the MD of PIF saying the statement was "extremely weak" and it did not convey the strong interest expressed in person. He alleged that Al-Rumayyan said that he was "definitely interested in taking Tesla private and had wanted to do so since 2016," reported Bloomberg.

When Al-Rumayyan replies that he hasn't yet received sufficient financial information needed to approve the decision, Musk says: "you are throwing me under the bus." He also argues that the news article is "weak sauce and still makes him sound like a liar."

Musk moved forward with the proposal with private equity firm Silver Lake and Goldman Sachs Group Inc. when talks with Saudi PIF did not progress. After a few weeks, the attempts were dropped.

The text messages were revealed as part of a motion field by Alex Spiro, Musk's lead outside attorney in the case with shareholders. Musk's lawyers are using it to argue that Saudi Arabia's wealth fund had agreed to support his attempt to take Tesla private.

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