San Francisco, January 24 Elon Musk told a US court that taking Tesla private at $420 per share was no joke, it was just a coincidence.
During his ongoing securities fraud trial, Musk was asked if his “$420 a share” was small talk intended to please his girlfriend, The Verge reported.
“You rounded it up to 420 because you thought it was a joke your girlfriend would like, right?” We asked Nicholas Porritt, an attorney with the Tesla Investor Group.
“No. Karma seems to be around 420. At this point you have to ask whether that’s good karma or bad karma.” Musk replied.
Tesla, SpaceX and Twitter CEOs have said that the number 420 was not chosen as a joke.
“I chose it because there is a 20% premium to the stock,” Musk said.
420, 4:20 or 4/20 (pronounced 4/20) is a cannabis cultural slang term for marijuana and hashish consumption.
Musk admitted to ignoring his advisors and investors when he tweeted last week that Tesla secured funding in 2018.
In 2018, controversial tweets about Musk taking Tesla private again haunted him and he would lose billions.
Plaintiffs claimed they lost millions of dollars when Musk said he “secured the funds” through tweets about taking Tesla private.
In August 2018, Musk tweeted, “Considering taking Tesla private for $420. Funding secured.”
“Shareholders can either sell for $420 or hold shares and take them private,” he added. His infamous tweets cost him the Tesla chairmanship.