Did Musk have binding financing agreements for the Tesla privatisation?

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Elon Musk Did Not Have Binding Financing Agreements for Tesla Privatisation

Elon Musk testified that while he anticipated strong financial support for taking Tesla private in 2018, he ultimately did not possess specific, binding commitments from potential backers. He acknowledged during his testimony that he lacked formal agreements with investors, leaving the determination of whether he misled shareholders to the jury.
Expected Support Versus Binding Commitments

Musk stated that funding was "absolutely not an issue" and "quite the opposite" when he tweeted about taking Tesla private. He indicated that he had discussed his intentions with the Tesla board and Saudi Arabia's Public Investment Fund, fearing a premature media leak. However, when questioned by investors' lawyers, he conceded that he did not have binding agreements for financing from any interested party, including the Saudi fund.
Shareholder Feedback Influenced Decision

The decision to abandon the privatisation plan was significantly influenced by feedback from Tesla shareholders, particularly smaller investors. Musk testified that these investors expressed a preference for Tesla to remain a publicly traded company, and he felt it was important to be responsive to their wishes. This input played a crucial role in his ultimate decision to drop the privatisation idea.
Role of Financial Advisors and Potential Alternative Funding

Notes from a Tesla board meeting indicated that Goldman Sachs, which was advising on the proposed deal, believed there would be "more than enough funding" available. Despite this, Musk confirmed the absence of concrete, binding agreements. He also mentioned during his testimony that he could have potentially financed the deal by selling his stake in SpaceX, his other prominent company, suggesting alternative avenues he had considered.

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Did Musk have binding financing agreements for the Tesla privatisation?

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