Elon Musk’s wealth rises 11 billion dollars in two days

Elon Musk’s wealth rises 11 billion dollars in two days
Elon Musk’s wealth rises 11 billion dollars in two days
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While Elon Musk was testifying for the second day in federal court in San Francisco about a tweet he posted on Twitter in 2018 regarding the transfer of electric car manufacturer Tesla to a private equity company, his wealth was increasing at the fastest pace in more than two months.

Musk’s fortune has jumped by $10.6 billion to reach $145.2 billion since he began testifying on Friday, according to the Bloomberg Billionaires Index, marking the largest increase in two days since November 2022.

His net worth has increased since the beginning of 2023, along with the increase in the fortunes of the majority of the 500 richest people in the world, after the markets recovered from the turmoil they witnessed in 2022.

A document indicating that Musk lied about turning Tesla into a private company in 2018

Musk, 51, is facing a lawsuit related to securities fraud because of a tweet he published in August 2018, in which he said that he was considering converting Tesla to a private company and delisting it, and buying the stock for $ 420, and that “funding is available and guaranteed.”

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Investors: “lies” caused losses

Investors say his claims that he had the money to take the electric car maker private were lies that led them to suffer big losses before abandoning the plan.

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Musk confirmed that there is no causal relationship between his tweets and the movement of the share price (Tesla shares rose 13.3% on the day he posted the tweet regarding its transfer to a private company).

It is not clear what the federal jury trial will result in. Musk told Saudi investors in 2018 that he did not own enough Tesla stock to turn it into a private company himself, according to a transcript of the conversation that was disclosed in court papers on Monday.

Musk confirmed that the Saudi Public Investment Fund “categorically wanted to take Tesla private,” claiming that Yasser Al-Rumayyan, the governor of the Saudi sovereign fund, had reversed his position.

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