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Elon Musk admitted that for the sake of privatization Tesla was ready to sell shares of SpaceX.

Published: 2023-01-24

On Monday, the court session continued in the case of the failed privatization of Tesla in 2018, which Elon Musk allegedly planned to carry out by buying back the company's shares at a price of $420. He then failed to bring the deal to completion, the stock market was in a fever for a long time, and investors lost a lot of money. In his defense, the billionaire said in court that he was ready to sell SpaceX shares in order to buy back Tesla shares with the proceeds.

Recall that the head of Tesla and SpaceX, Elon Musk, remains the main shareholder of both companies, but if the first remains public, then the second has the status of private. In court, under oath, Musk stated the following: “SpaceX shares in and of themselves meant that the funds for the privatization of Tesla were available. I didn't want to sell them, but I could, if you look at the Twitter deal, that's exactly what happened. I sold shares in Tesla to close my deal to buy Twitter. And in that case, I would have done the same.”

In fact, significant changes in the stock market in August 2018 were caused by Elon Musk's statement that he was going to buy back Tesla shares at $420 apiece, and funds for this would be found. Initially, the billionaire tried to enlist the support of Arab investors, but they provided only verbal guarantees, which then did not materialize. In fact, selling SpaceX shares would have been "Plan B" in the failed Tesla privatization deal. He did not specify how much Elon Musk expected to get from the sale of SpaceX shares and who would become the buyer.

Previous litigation over the failed privatization of Tesla has already led to the temporary removal of Elon Musk from the post of chairman of the company's board of directors, as well as the need to pay two fines totaling $ 20 million. The court also tried to force the billionaire to coordinate his statements about the Tesla business with lawyers, but the last condition in practice it was difficult to provide.