Saudi Investment Chief Subpoenaed in US Trial Involving Elon Musk Tweet: Report

According to reports from British media on Tuesday, the leader of Saudi Arabia’s significant Public Investment Fund (PIF) has been issued a subpoena in a San Francisco trial relating to a tweet made by Elon Musk in 2018.

According to a report by the Financial Times, Tesla, the electric car company established by Musk, has asked Yasir al-Rumayyan to testify as a defence witness in a trial. This move is aimed at supporting their argument that a preliminary agreement was already in place with the Saudis before Musk’s now infamous tweet claiming he had “funding secured” to take the company private.

According to the investors who filed the lawsuit against Musk, they allege that he influenced Tesla stock prices through the content of his tweet.

Saudi Arabia’s PIF has not yet responded to a request for comment by The New Arab over the subpoena and whether al-Rumayyan would attend the case. 

The trial begins on 17 January, and three other PIF executives have also been served, according to the Financial Times. 

“You said you were definitely interested in taking Tesla private and had wanted to do so since 2016,” Musk wrote to Rumayyan in a text message in August 2018, according to published court filings. 

Musk has accused the Saudis of throwing him “under the bus” following what he called “handshake” deals. 

In response, Rumayyan said the fund had not received the required financial information from Tesla, and that it “takes two to tango”. 

“I am your friend. So, please don’t treat me like an enemy,” he said. 

Last year, Musk bought Twitter in a $44-billion takeover bid. One of the largest investors in the social media platform alongside the South African tycoon is the Saudis, who retained their shares valued at $1.89 billion. 

The “funding secured” tweet has previously cost Musk and Tesla $20 million each to settle legal action from the US Securities and Exchange Commission.