The trial, centered on a pair of tweets announcing Musk had obtained the money to take
Musk, who now owns the
Through both his testimony and the evidence submitted around it, Musk came across as impetuous, brash, combative and contemptuous of anyone who questioned his motives as a game-changing entrepreneur who has inspired comparisons to Apple's late co-founder,
At other times, Musk sounded like the savvy visionary that his supporters hail him to be — an intrepid rebel who by his own estimates has raised more than
“It is relatively easy for me to get investment support because my track record is extremely good,” Musk wryly observed.
But his confidence in his ability to get the money he wants to pursue his plans is one reason he found himself in court. The three-week trial is set to resume Tuesday and head for jury deliberations by Friday.
Here's what to know so far:
PLANTING THE SEEDS
Evidence and testimony have shown Musk had started to mull taking
After a
Musk was serious enough that he had already discussed the pros and cons with
THE TROUBLESOME TWEETS
The crux of the case hinges on an
Amid widespread confusion about whether Musk's Twitter account had been hacked or he was joking, Musk followed up a few hours later with another tweet suggesting a deal was imminent.
Musk defended the initial tweet as a well-intentioned move to ensure all
“I had no ill motive,” Musk testified. “My intent was to do the right thing for all shareholders.”
“The risk is that
WHERE'S THE MONEY?
There's another issue threatening to undermine Musk's defense. He hadn't locked up the financing for his proposed deal or even pinned down down how much would be needed to pull it off, based on testimony from Musk, other witnesses and other evidence.
That is one reason U.S. District Judge
It also prompted regulators to allege Musk misled investors with the tweets, resulting in a
Chen ruled that the 2018 settlement, in which Musk didn't acknowledge wrongdoing and has since lamented making, can't be mentioned to the jury.
Musk testified that he believed he had secured an oral commitment to provide wherever money was needed for a
That was reinforced in testimony from
But a text message al-Rumayyan sent to Musk after the “funding secured" tweets made it appear that the discussions about the Saudi fund financing a private buyout were preliminary.
“I would like to listen to your plan Elon and what are the financial calculations to take it," al-Rumayyan wrote to Musk, according to a copy submitted as evidence in the trial.
Musk framed al-Rumayyan's text as an attempt to backpedal from his previous commitment. He also insisted the Saudi fund had given an “unequivocal commitment" to financing the buyout.
MONEY MANEUVERING
After his 2018 tweets, Musk tried to get the money needed for the
In testimony, both Durban and Dees discussed efforts to raise money for a
The buyout would have required anywhere from
Musk still contends he could have gotten the money had he wanted and, even if there was a shortfall, he could have covered any gap by selling some of his stock in privately held
Durban and Dees both testified that they had no doubt the money for a buyout could have been raised — echoed by former
“He is the Michael Jordan of fundraising," Gracias testified.
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