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☆ Steve Mnuchin breaks out the checkbook
▼ + stars: | 2024-03-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Mnuchin rebornNine months after President Joe Biden was inaugurated and Mnuchin left the Treasury Building, Mnuchin formed a new private equity group, Liberty Strategic Capital. Steven Mnuchin's private equity firm made a $450 million investment in New York Community Bank last week. When Mnuchin left CIT less than two years later, he received a $10.9 million severance package. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told visibly stunned anchors on CNBC Thursday morning. Mnuchin may be the founder and managing partner of Liberty Strategic Capital, but Saudi Arabia is reportedly covering a big chunk of his firm’s tab.

Persons: Donald Trump’s, Steven Mnuchin, Mnuchin, Joe Biden, Jackie ”, Trump, Goldman Sachs, ”, Liberty, Steven Mnuchin's, Spencer Platt, “ It’s, ” Mnuchin, “ You’re, ” Andrew Ross Sorkin, ” interjected, TikTok, “, he’s, Will Lanzoni, Crown Prince Mohammed bin Salman Organizations: New, New York CNN, Treasury, Liberty Strategic Capital, Lionsgate, New York Community Bank, Getty, Federal Deposit Insurance Corporation, CIT Group, CIT, CNBC, CNN, Senate, Liberty Strategic, Crown, New York Times, Saudi Public Investment Fund, Meta, ByteDance . Liberty Strategic Locations: New York, cybersecurity, New, California, China, Montana, Saudi Arabia, Saudi, ByteDance

☆ Saudi sovereign wealth fund to partner with men's tennis tour
▼ + stars: | 2024-02-28 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund will become the official naming partner of the ATP Rankings and will partner with ATP Tour tennis events, including Indian Wells, Miami, Madrid, Beijing and the Nitto ATP Finals under a multi-year partnership announced Wednesday. "Our strategic partnership with PIF marks a major moment for tennis. It's a shared commitment to propel the future of the sport," ATP CEO Massimo Calvelli said in a press release. A deal to merge the PGA Tour and the Saudi-backed LIV tour is still in negotiations and there is no deadline for the talks to end. The PIF launched the LIV tour in 2022, luring away top stars from the PGA Tour, including Phil Mickelson, Dustin Johnson and Brooks Koepka, with hundreds of millions in signing bonuses.

Persons: Hamad Medjedovic, Arthur Fils of, Massimo Calvelli, LIV, Phil Mickelson, Dustin Johnson, Brooks Koepka, Crown Prince Mohammed bin Salman, Mohamed AlSayyad Organizations: King Abdullah Sports City, Saudi Arabia's Public Investment Fund, ATP, ATP Tour, PGA Tour, PIF, LIV, PGA, Saudi, Crown, U.S Locations: Serbia, Arthur Fils of France, Jeddah, Saudi Arabia, Saudi, Indian Wells, Miami, Madrid, Beijing

☆ Saudi Arabia's futuristic megaprojects are so expensive that even its oil riches may not be enough
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030. AdvertisementThe International Monetary Fund said in October that the Saudis needed oil to be about $86 a barrel to fund its spending commitments.

Persons: Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Public Investment Fund, Aramco, Gulf States Institute, Saudi, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Saudi Arabia is reportedly borrowing to help fund its megaprojects as oil prices struggle
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Saudi Arabia has started borrowing to fund megaprojects including Neom, The Wall Street Journal reported. AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030.

Persons: —, Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Saudi, Service, Public Investment Fund, Aramco, Gulf States Institute, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Options traders betting things could get even worse for two troubled stocks
▼ + stars: | 2023-11-09 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

Options volumes and prices have skyrocketed since, but they're not betting the stock will do the same. Some options traders believe that the already hard hit stock could fall further. One of the most active single-stock options so far this week are those of Datadog (DDOG) , which reported earnings on Tuesday. A put seller is willing to get long the underlying stock at the strike price should it fall below that level by expiration. Options premiums in DDOG were high going into earnings, but not high enough as the sharp move higher illustrated.

Persons: they're, Tesla Organizations: Lucid, Inc, EV Locations: Saudi, DDOG

☆ Trump waited until after he left office to disclose trademarks he owns in China and Russia
▼ + stars: | 2023-11-03 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +8 min

Donald Trump disclosed that he owns hundreds of foreign trademarks in his ethics filings this year. Trump owns 114 trademarks in China — more than any other country by far, including the US. (AP Photo/Alex Brandon)The final form Trump submitted during his presidency, dated January 15, 2021, disclosed Trump's financial interests in numerous overseas companies. The only indication of trademark holdings noted is his ownership of a company called "CHINA TRADEMARK LLC." AdvertisementAdvertisementIn his following OGE Form 278e form, filed on April 2023, as a presidential candidate, Trump disclosed a long list of foreign trademarks.

Persons: Donald Trump, Trump, —, Donald, Forbes, Alex Brandon, Joe Biden, Richard Painter, George W, Bush, Painter, who's, Joe Raedle, Ivanka Trump Organizations: Service, Hartsfield, Jackson Atlanta International Airport, Trump, Drinks Israel, United Arab Emirates, LLCs, The New York Times, Trump Tower, Times, Associated Press, Saudi Sovereign Wealth Fund Locations: China, Russia, Venezuela, Iran, Cuba, Belarus, United States, CHINA, United Kingdom, Ukraine, El Salvador, Mexico, France, Saudi Arabia, Turkey, Albania, sweeten, Saudi

☆ Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 20 (Reuters) - Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm. ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors. Its clients include state oil giant Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar. The four banks are also bookrunners and underwriters, joined by GIB Capital, HSBC, Al Rajhi Capital and Saudi Fransi Capital. Arab National Bank, Alrajhi Bank and Saudi National Bank are the receiving agents and Lazard is independent adviser to ADES.

Persons: ADES, EFG Hermes, Goldman Sachs, Lazard, Yousef Saba, Sonia Cheema Organizations: Reuters, Saudi Exchange, Kuwait Oil Company, North Oil Company, SNB, JPMorgan, underwriters, GIB Capital, HSBC, Al, Saudi Fransi Capital, Arab National Bank, Alrajhi Bank, Saudi National Bank, Thomson Locations: DUBAI, Saudi, Khobar, ADES, East, North Africa, India, Saudi Aramco, Qatar, Al Rajhi Capital

The surprise deal, which would join the venerable PGA Tour and a rival Saudi-funded golf start-up, LIV, was announced in June. The Saudi sovereign wealth fund, called the Public Investment Fund, or PIF, is controlled by the Saudi government. The Saudi Embassy did not immediately respond to a request for comment on the subpoena, which names the Public Investment Fund's New York-based U.S. subsidiary, USSA International. This summer's announcement of the PGA-Saudi golf deal ended a legal battle between the two rivals. Blumenthal said available public records indicate the Saudi sovereign wealth fund has expanded its investments in the United States from $2 billion in 2018 to $35 billion now.

Persons: Sen, Richard Blumenthal's, al, LIV, ” Blumenthal, Blumenthal, “, ”, Crown Prince Mohammed bin Salman Organizations: WASHINGTON, Saudi, PGA, Connecticut, Senate, PGA Tour, Public Investment Fund, Public Investment, United, Saudi Embassy, USSA, Crown Locations: United States, Saudi, York, San Francisco, Saudi Arabia

☆ Saudi sovereign wealth fund PIF sells McLaren stake to Bahrain -Sky News
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management (ARES.N), Sky News reported on Wednesday. The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday. The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing. In July 2021, global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

Persons: carmaker McLaren, PIF, Ares Management, McLaren, Khalid Al Rumaihi, Bharat Govind Gautam, Chris Reese, Matthew Lewis Organizations: Saudi Arabia's Public Investment Fund, Ares Management, Sky News, McLaren, British, McLaren Racing, Reuters, Thomson Locations: Mumtalakat, Bengaluru

☆ PGA Tour-Saudi deal scrutiny intensifies as Senate Finance Committee investigates
▼ + stars: | 2023-06-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The backlash to the proposed merger between the PGA Tour and LIV Golf intensified as Senate Finance Committee Chairman Ron Wyden, D-Oregon, opened an investigation into the deal on Thursday. The committee will probe the deal between the US-based PGA Tour and the Saudi Public Investment Fund-backed LIV Golf and assess what the deal means for national security. The PGA Tour and LIV Golf did not immediately respond to CNN’s request for comment. The surprise deal this month between the PGA Tour and LIV Golf, competing tours locked in a legal battle before the merger announcement, has faced growing opposition from lawmakers. The US-based PGA Tour said the merger would “unify the game” and all pending litigation between the tours would be dropped under the new agreement.

Persons: LIV Golf, Ron Wyden, ” Wyden, Wyden, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, Elizabeth Warren, LIV, “ Organizations: CNN, PGA, Saudi Public Investment Fund, Saudi, of Justice, PGA Tour, DOJ, Democratic, Senate, LIV Locations: Oregon, United States, Saudi, Saudi Arabia, U.S

☆ Saudi Arabia Relishes a Triumph That Transcends Sports
▼ + stars: | 2023-06-07 | by ( Vivian Nereim | Ahmed Al Omran | ) www.nytimes.com time to read: +1 min

When a Saudi-backed upstart golf league began recruiting high-profile players from the top U.S. circuit, the American tour’s commissioner lamented a “foreign monarchy that is spending billions of dollars in an attempt to buy the game of golf.”The commissioner, Jay Monahan, who heads the PGA Tour, sniped at players who left for the new league, LIV Golf, hinting at the stain that the Saudi government’s human rights violations would leave on them. But on Tuesday, Mr. Monahan sat smiling with the head of the Saudi sovereign wealth fund to announce that the PGA Tour and LIV Golf were forming what promises to be a lucrative partnership. “I recognize that people are going to call me a hypocrite,” Mr. Monahan said later. “But circumstances do change.”The deal, if it goes forward, represents an enormous victory for Saudi Arabia and its de facto leader, Crown Prince Mohammed bin Salman, in a bid to become a major player in global sports, giving the kingdom considerable sway over the game of golf. But the significance of the moment transcends sports, as Saudi Arabia under Prince Mohammed seeks greater political influence in the Middle East and beyond.

Persons: Jay Monahan, sniped, LIV Golf, Monahan, LIV, “, Mr, Prince Mohammed bin Salman, Prince Mohammed Organizations: PGA Locations: Saudi, Saudi Arabia

☆ Who wins in the PGA-LIV tie-up? Hint: It’s not the golfers
▼ + stars: | 2023-06-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

A bit of background for the uninitiated:Men’s pro golf in North America has been dominated by the PGA Tour for decades. Last year, the Saudi sovereign wealth fund spent an estimated $2 billion to form a rival league, LIV Golf, to challenge PGA’s dominance. LIV attracted many of the sport’s top players away from the PGA Tour and Europe’s DP World Tour by offering more prize money. A long legal battle followed, and LIV golfers were banned from established tours. It is pronounced like “live.” As in, “Please don’t kill me, I want to live.”Oh, yeah — that brings me to the whole “why you should care” bit, and why many pro golfers and fans are apoplectic over the tie-up.

Persons: CNN Business ’, LIV Golf, LIV, “ LIV ”, Jamal Khashoggi, sportswashing, Phil Mickelson, Greg Norman, soccer’s Cristiano Ronaldo —, Chris Isidore, Bloomberg, it’s, ”, Peter Coy, “, you’ll Organizations: CNN Business, New York CNN, PGA Tour, PGA, Bloomberg, US Justice Department, Tour, US Federal Trade Commission, New York Times Locations: New York, North America, Saudi, Saudi Arabia

☆ Opinion | Golf’s Antitrust Problem Just Got Bigger
▼ + stars: | 2023-06-07 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

Sports leagues love competition, except against one another. The leagues make more money when they don’t have to compete for talent and audience. The PGA Tour will appoint a majority of the board and hold a majority voting interest in the combined entity. But the Saudi sovereign wealth fund, the Public Investment Fund, will start out as the exclusive investor in the entity, and Yasir al-Rumayyan, the wealth fund’s governor, will be the entity’s chairman. In this case the PGA Tour looks more swallowed than swallowing, but Ross told me, “From the branding point of view the PGA Tour was a monopoly and it will still be the dominant organizer with its new huge partner.”

Persons: LIV, Yasir al, it’s, That’s, ” Stephen Ross, Ross, ” Organizations: Saudi, LIV Golf, The Times, Public Investment Fund, Penn State Law Locations: Saudi Arabia, Europe, Saudi

After two years of sniping, lawsuits and ill will, the major men’s golf tours agreed to merge on Tuesday. The PGA Tour, which runs golf in North America; the PGA European Tour, which is known as the DP World Tour and holds events in much of the rest of the world; and the upstart LIV Tour agreed to merge their operations. The Saudi sovereign wealth fund, which spent billions to launch the LIV Tour, will invest in the new company, and the governor of that fund will become its chairman. The LIV Tour started last year and offered big-name players from the other tours huge sums to jump ship. Many players and officials of the PGA Tour were sharply critical of LIV, both for dividing the golf world and for associating with the Saudi government and its poor human rights record.

Persons: Dustin Johnson, Bryson DeChambeau, Brooks Koepka, Patrick Reed, Cameron Smith, Phil Mickelson, Tiger Woods, Rory McIlroy, LIV, ” Organizations: PGA European, LIV, PGA Locations: North America, Saudi

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

The prospective deal is said to include a mix of Boeing airplanes. A Boeing jetliner at King County International Airport-Boeing Field in Seattle. DUBAI—Saudi Arabia’s Public Investment Fund is close to a deal for a large number of Boeing Co. commercial jets that will serve in the fleet of a new national airline, people familiar with the matter said. The Saudi sovereign wealth fund is expected to announce the deal as soon as Sunday during an official launch of the airline, according to some of the people.

☆ Saudi sovereign wealth fund reportedly near $35 billion deal for Boeing jets
▼ + stars: | 2023-03-11 | by ( ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund (PIF) is close to a deal to order Boeing commercial jets for the fleet of a new national airline, The Wall Street Journal reported on Saturday, citing people familiar with the matter. The aircraft order is valued at $35 billion, the report said, adding that the deal could be announced as soon as Sunday during an official launch of the national airline. The deal includes wide-body jets which are often used for long international flights, the report added. Boeing declined to comment and the Saudi PIF did not immediately respond to a request from Reuters for comment on the report. The deal is part of a rapid expansion by the country under a strategy to transform the kingdom into a transport hub and promote tourism.

☆ Saudi sovereign wealth fund close to deal for Boeing jets, WSJ reports
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is close to a deal for Boeing Co. (BA.N) commercial jets for the fleet of a new national airline, the Wall Street Journal reported on Saturday, citing people familiar with the matter. The deal includes wide body jets which are often used for long international flights, the report added. Boeing declined to comment while the Saudi PIF did not immediately respond to a request from Reuters for comment on the report. The deal is part of a rapid expansion by the country under a strategy to transform the kingdom into a transport hub and promote tourism. Reporting by Akanksha Khushi in Bengaluru; editing by Grant McCool and Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Shareholder lawsuit over Musk’s controversial ‘funding secured’ tweet heads to jury
▼ + stars: | 2023-02-03 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —A California jury on Friday began deliberations in a trial over whether Elon Musk is liable for losses experienced by Tesla shareholders following his controversial “funding secured” tweet from 2018. Musk had spoken to executives of the Saudi sovereign wealth fund about the funding he would need to take Tesla private. Tesla (TSLA) shares initially climbed 11% on the day of Musk’s original “funding secured” tweet, but they never reached that promised $420 level, reaching a high that day of $387.46. Elon Musk waiting for Court to begin in a California courtroom during the Tesla shareholder lawsuit trial on February 3. The lead plaintiff in the shareholder lawsuit, Glen Littleton, testified last month that he lost more than 75% of his investments following Musk’s “funding secured” tweet.

☆ Elon Musk is back on the stand in trial over controversial ‘funding secured’ tweet
▼ + stars: | 2023-01-24 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Tesla CEO Elon Musk returned to the witness stand for a third day in a California court room Tuesday, as he testified in a class-action lawsuit over his controversial “funding secured” tweet from 2018. Musk’s “funding secured” tweet previously prompted a civil suit by the Securities and Exchange Commission, the federal agency that protects investors. The lead plaintiff, Glen Littleton, testified last week that he lost more than 75% of his investments following Musk’s “funding secured” tweet. Musk has argued during the trial that his tweets do not cause Tesla’s stock price to move higher or lower. He pointed to a time in May of 2020 when he tweeted that “Tesla stock price is too high.” The stock price dropped the day of his tweet but recovered and closed the year higher than it had opened.

☆ Elon Musk returns to the stand in class-action lawsuit over controversial tweet
▼ + stars: | 2023-01-23 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Tesla CEO Elon Musk took the stand again on Monday morning in a California courtroom to testify for a second day in the lawsuit over his controversial “funding secured” tweet from 2018. Musk had spoken to executives of the Saudi sovereign wealth fund about the funding he would need to take Tesla private. However, it was anything but “secured.” Musk shared his recollection of the incident in his testimony Monday. He pointed to an incident in May of 2020 when he tweeted that “Tesla stock price is too high.” The stock price dropped the day of his tweet but recovered and closed the year higher than it had opened. Musk testified Friday that no one at Tesla reviewed his tweets in 2018 before he published them.

☆ Elon Musk is being sued over his ‘funding secured’ tweet. Here’s what you need to know
▼ + stars: | 2023-01-17 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —A four-year old tweet from Elon Musk has the Tesla CEO back in court starting Tuesday. Musk, Tesla and other Tesla directors are facing a shareholder lawsuit over his now-infamous 2018 tweet, which said that he was thinking about taking Tesla private at a price of $420 a share. If he had ended the tweet right there, there wouldn’t still be coverage of it, or a lawsuit that seeks unspecified damages. That record close of $409.97 works out to $6,150 a share, when adjusted for the two stock splits since that day. “These numbers make clear that an impartial juror cannot feasibly be impaneled from this juror pool.”This is only the latest court case involving Musk.

☆ Elon Musk's lawyers subpoena head of Saudi Arabia's $620 billion wealth fund for Tesla 'funding secured' tweets case
▼ + stars: | 2023-01-04 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

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. PIF is a sovereign wealth fund – meaning that it invests on behalf of Saudi Arabia's government. Read more: Elon Musk raged at the head of the Saudi sovereign wealth fund for failing to support his bid to take Tesla private, texts show

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