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‘Funding Secured’ Has No Universal Meaning – Elon Musk

Elon Musk

‘Funding Secured’ Has No Universal Meaning

Elon Musk argued as a response to the investor lawsuit that “funding secured” has no universal meaning. Elon is looking to throw out an investor lawsuit, over a tweet last year in which he said he was considering taking the company private.

Elon Reeve Musk FRS is a technology entrepreneur, investor, and engineer. He holds South African, Canadian, and U.S. citizenship and is the founder, CEO, and chief engineer/designer of SpaceX; co-founder, CEO, and product architect of Tesla, Inc.; co-founder of Neuralink; founder of The Boring Company; co-founder and initial co-chairman of OpenAI; and co-founder of PayPal. In December 2016, he was ranked 21st on the Forbes list of The World’s Most Powerful People.

Elon was ranked first on the Forbes list of the Most Innovative Leaders of 2019. He has a net worth of $22.8 billion and is listed by Forbes as the 40th-richest person in the world.

It was contrary to the investors who claim the Aug. 7, 2018, tweet by Elon was an “act of fraud” that cost them hundreds of millions of dollars.

Tesla and Musk said Friday in a request to dismiss the case that his actual words were:

“Am considering taking Tesla private at $420. Funding secured”

Elon Musk

Elon believes that these words were neither false or misleading.

The only reasonable interpretation of Mr. Musk’s ‘funding secured’ statement on August 7, which mirrors precisely what he told the board days earlier, is that funding would be no obstacle if he decided to proceed with a transaction. This is according to his filing in San Francisco federal court.

Born and raised in Pretoria, South Africa, Musk moved to Canada when he was 17 to attend Queen’s University. He transferred to the University of Pennsylvania two years later, where he received a Bachelor’s degree in economics from the Wharton School and a Bachelor’s degree in physics from the College of Arts and Sciences.

Musk began a Ph.D. in applied physics and material sciences at Stanford University in 1995 but dropped out after two days to pursue an entrepreneurial career. He subsequently co-founded Zip2 with his brother Kimbal, a web software company, which was acquired by Compaq for $340 million in 1999. Musk then founded X.com, an online bank. It merged with Confinity in 2000 and later that year became PayPal, which was bought by eBay for $1.5 billion in October 2002.

As per Shishir Gupta, the Founder & CEO of StartupLanes:

Funding Secured is a crucial statement in business world, specially for startups. Tesla shares jumped to near-record levels when CEO Elon Musk tweeted he had ‘funding secured‘ to take the company private, that shows this statement has a great impact in the market.

As per the news site Verge – “In this modern age, bad tweets abound. They’re met with ratios or reported to Twitter itself, and are often, ultimately, deleted. You don’t usually see such concrete evidence of how bad a tweet can break, though. Millions of dollars, months of headaches and distractions, and a proverbial door that the money cops can walk through every time they think Musk might have tweeted something that harms his company’s shareholders.”

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