Elon Musk’s lawyers subpoena head of Saudi Arabia’s $620 billion wealth fund for Tesla ‘funding secured’ tweets case

Elon Musk’s lawyers subpoena head of Saudi Arabia’s $620 billion wealth fund for Tesla ‘funding secured’ tweets case

Investors are suing Elon Musk over an August 2018 tweet where he claimed he had "funding secured" to take Tesla private.

Musk's lawyers have subpoenaed Saudi Arabia's top wealth manager to be a defense witness in the upcoming court case.

Text messages disclosed in April showed Musk raging at Yasir Al-Rumayyan for not supporting his efforts to privatize Tesla.

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Elon Musk's lawyers are trying to force Saudi Arabia's top wealth manager to testify in upcoming litigation over a now-infamous tweet in which the Tesla CEO said he was considering taking the EV manufacturer private.

Tesla's legal team subpoenaed Private Investment Fund governor Yasir al-Rumayyan on December 19, according to documents filed Tuesday – with a San Francisco court case set to start later this month.

Investors suing Musk say that the world's second-richest man manipulated Tesla's share price in 2018 when he claimed that he had "funding secured" to take the company private at $420 a share.

That deal never happened, with Tesla remaining publicly listed and trading at $108.10 a share as of Tuesday's closing bell.

PIF is a sovereign wealth fund –