shareholders claimed Musk misled them when he tweeted on Aug. 7, 2018, that he was considering taking the company private at $420 per share, a premium of about 23 per cent to the prior day’s close, and had “funding secured.”The stock price soared after the tweets and then fell again after Aug. 17, 2018, as it became clear the buyout would not happen.
“This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk,” he said. Musk later testified that he believed he could have sold enough shares of his rocket company SpaceX to fund a buyout, and “felt funding was secured” with SpaceX stock alone.
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