On Tesla going private, Elon Musk seems to admit he doesn't have 'funding secured'
Amid the chaos created by Elon Musk's tweet last week that he intends to take his car company Tesla private, one aspect has stood out: Musk's assertion that he has "funding secured" for the deal.
That's a flat factual statement. Numerous legal experts have opined that if it's untrue, Musk could be in big trouble, for he could then be guilty of making a material misstatement and, by extension, manipulating his stock. Market mavens have been waiting for some amplification of the funding claim for six days, preferably via a corporate disclosure. But none came until Monday morning, in an "update" Musk posted on Tesla's website.
Here's the uh-oh: Musk doubled down on labeling the funding, which he says comes from the Saudi Arabian
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