Elon Musk's wealth rises by $10.6 billion amid Tesla tweet trial
Elon Musk
Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months. According to Bloomberg Billionaire Index, Elon Musk's wealth increased by about $10.6 billion to $145.2 billion since Friday, when he officially took the stand in the court of a San Francisco judge.
Elon Musk is currently facing a securities fraud lawsuit whose origin go back to August 2018 when Musk had tweeted that he was considering taking Tesla private at $420 and that he had secured the funding for it.
ALSO WATCH|Elon Musk loses $200 billion in a year, entered 2022 with $340 billion
Musk eventually did not take Tesla private. Investors who have sued Musk argue that his claims about having secured the funding and not making Tesla a privately-owned entity amount to lies that resulted in losses for them. Musk claims that there is no link as such between his tweets and the move of share prices. Instead, Musk claimed that the Saudi Arabia-based Public Investment Fund "unequivocally wanted to take Tesla private" and accused Yasir Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund of going back on his word.
Tesla stock rose as much as 13.3% on the day of the take-private tweet, Bloomberg reported.
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ALSO READ |Elon Musk testifies in second day of Tesla tweet trial; says buying share at $420 was no joke
According to a transcript disclosed in the court, Musk admitted to Saudi investors in 2018 that he did not own enough of Tesla to take it private by his own.
Musk said he owned around 19 per cent of Tesla at the time, according to the transcript. He now owns about 13 per cent, after selling almost $40 billion since late 2021 to pay taxes and help fund his Twitter acquisition.
By the end of 2023, Elon Musk becamethe first person in history to lose $200 billion from his net worth. According to Bloomberg Billionaire Index, he is now down about $195 billion from his peak.
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