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Musk Tells Tweet Fraud Jury He Has No Trouble Raising Money

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tech.hindustantimes.com

Elon Musk told a jury he was confident he could have pulled off his proposal 4 1/2 years ago to take Tesla Inc. private, saying he never has trouble raising money for his companies.

The chief executive officer, in his third day on the witness stand, was defending the legitimacy of his assertion in an August 2018 tweet that he had “funding secured” for the take-private transaction. “Every financing round I've had has been oversubscribed,” he testified Tuesday in San Francisco federal court in response to friendly questions from his own lawyer. “It's not a problem for me to raise money.

I've done a good job for investors and if you do a good job, they give you money.” In addition to Tesla, Musk runs SpaceX, the closely held rocket-ship company, and he acquired Twitter Inc.

in October for $44 billion. Musk spent most of his approximately four hours on the stand Monday facing off with a lawyer for investors who claim the billionaire's Twitter posts in August 2018 were misleading — and caused shareholders who made bets on his tweets to suffer big losses.

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