Lawyers for Elon Musk Subpoena Yasir AlRumayyan, PIF, for Tesla Tweets Case

  • Elon Musk is being sued by investors for a tweet he posted in August 2018, where he claimed that he had “funding secured” for Tesla’s privatization.
  • Musk’s lawyers have subpoenaed Saudi Arabia’s top wealth manager to testify in court.
  • In April, Musk was ranting at Yasir al-Rumayyan in text messages. He was upset that he didn’t support his efforts to privatize Tesla.

Lawyers for Elon Musk are trying to get Saudi Arabia’s top wealth manager to testify before a lawsuit over a now-infamous Tweet. TeslaCEO stated that he was considering privatizing the EV manufacturer.

Tesla’s legal team subpoenaed Private Investment Fund governor Yasir al-Rumayyan on December 19, according to documents filed Tuesday – with a San Francisco court caseset to begin later this month

Musk is being sued by investors who claim that the second-richest man in the world manipulated Tesla’s share prices in 2018. He claimed that he had “admitted to having manipulated Tesla’s share price”.funding secured“To take the company public at $420 per share.

Tesla remained publicly listed and traded at $108.10 per share on Tuesday’s closing bell.

PIF is a sovereign wealth fund – meaning that it invests on behalf of Saudi Arabia’s government. According to its most recent annual report, it has assets worth $620 billion.

Musk has since claimed in court documents and publicly that he made a deal with the fund to provide the funds necessary for Tesla’s delisting. S&P 500.

Previous court filings from April 2022 show that Musk sent a text message to al-Rumayyan in which he slammed him. BloombergReports stated that the parties were only “in talks” about a potential Tesla buyout.

“I read the article. It is weak sauce, and still makes it sound like a lie. It is full of equivocation and does not indicate the strong interest expressed in person,” Musk sent al-Rumayyan in august 2018.

“Let us see the numbers, and get our people together for a discussion. Al-Rumayyan replied, “We cannot approve something we don’t know enough about.”

“I am your friend. He said, “Please don’t treat my like an enemy.”

Al-Rumayyan, in addition to serving as governor of PIF, is also the chair of the state-owned giant oil. Saudi Aramco and the English soccer club Newcastle United – in which the fund bought an 80% stake in 2021.

Insider reached out to PIF and Tesla for comment but they did not immediately respond.

Continue reading: Elon Musk raged at the head of the Saudi sovereign wealth fund for failing to support his bid to take Tesla private, texts show

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