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Head of Saudi investment fund subpoenaed in case over Musk's 'funding secured' tweet | CNN Business

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Elon Musk’s team has subpoenaed the head of Saudi Arabia’s Public Investment Fund as part of litigation over the Tesla CEO’s 2018 tweet that he was considering taking the car company private and had secured funding to do so.

Tesla\n \n shareholders sued Musk in 2018, alleging that he did not, in fact, have “funding secured” to take the company private at $420 per share, as he had said in a tweet that year, a number that seemingly referenced the unofficial holiday of cannabis enthusiasts. The tweet caused wild swings in Tesla\n \n ’s stock that investors claimed hurt their portfolios.

In the text exchange between the two men, which took place in the wake of the backlash to the “funding secured” tweet, Musk hinted at a conversation they had at Tesla in which al-Rumayyan said he was “definitely interested in taking Tesla private and had wanted to do so since 2016.” In the same text message, Musk added: “You also made it clear that you were the decision-maker, moreover backed strongly by the Crown Prince, who regards this as strategically important at a national level.

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