SAN FRANCISCO – Tesla Inc. CEO Elon Musk testified Tuesday that he supposed to tell and never deceive shareholders when he tweeted in 2018 that he had funding lined as much as take the electrical automotive maker personal, which shareholders allege was a lie.

Musk is defending towards claims he defrauded traders by tweeting on Aug. 7, 2018, that he had “funding secured” to take Tesla personal at $420 per share, and that “investor help is confirmed.”

He testified Tuesday in response to questions from his lawyer Alex Spiro that he supposed to share details about his curiosity in taking Tesla personal with all traders after it had already been given to an unique few.

Musk stated he had already mentioned his curiosity with the Tesla board and Saudi Arabia’s sovereign wealth fund, the Public Funding Fund, and he feared it will leak to the media.

“I had no sick motive,” he stated. “My intent right here was to do the suitable factor for shareholders.”

He has testified that he selected to not take Tesla personal attributable to a scarcity of help from some traders and a want to keep away from a prolonged course of.

Musk returned to the stand on Tuesday after about 5 hours on Monday and an look on Friday.

The trial exams whether or not Musk may be held answerable for his typically rash use of Twitter.

Tesla’s inventory surged after Musk’s 2018 tweet concerning the $420 per share worth, which was a premium of about 23 % to the prior day’s shut, solely to fall because it turned clear the buyout wouldn’t occur. Traders say they misplaced thousands and thousands of {dollars} in consequence.

A jury of 9 will resolve whether or not Musk artificially inflated the corporate’s share worth by touting the buyout’s prospects, and in that case, how a lot.

Musk has testified that it was his “opinion” that funding was secured.

On Monday, Musk stated he may have financed the deal by promoting his stake in SpaceX, the aerospace firm the place he’s additionally chief government officer.

As well as, Musk testified Monday that he met on July 31, 2018, with representatives of the Public Funding Fund at Tesla’s manufacturing unit in Fremont, California.

He acknowledged {that a} takeover worth was not mentioned, however stated the Saudi representatives made clear they’d do what it took to make a buyout occur.

Musk stated the fund’s governor, Yasir Al-Rumayyan, later backpedaled on the dedication to take Tesla personal.

Legal professionals for Al-Rumayyan didn’t return a request for remark.