SEC Deposition — Funding Secured Investigation
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About this appearance
Musk's deposition with the SEC following his 'funding secured' tweet about taking Tesla private at $420/share. The deposition occurred the same day he signed a settlement with the SEC agreeing to step down as Tesla chairman and pay $20M in fines. Internal SEC documents later released showed Musk argued during deposition that the Saudi Public Investment Fund had verbally committed funding, but the SEC found the commitment insufficiently concrete to justify the public tweet. The deposition and settlement became a defining moment in the ongoing Musk-vs-SEC conflict.
Topics
Memorable moments
Musk claims he believed Saudi Arabia's PIF had given 'firm' verbal commitment to take Tesla private at $420/share — SEC disputes the characterization.
Signs the SEC consent agreement the same day as the deposition, agreeing to step down as Tesla chairman for three years and pay $20M fine.
The choice of $420 as the share price later acknowledged as a cannabis reference, which the SEC cited as evidence the announcement lacked seriousness.
