Elon Musk Tells Jury He's Worth $ 20 Billion But Is Short On Cash

Elon Musk says he doesn't have a lot of cash. His wealth came up in the second day of his testimony before a federal jury in Los Angeles, where the Tesla and SpaceX chief executive is on a tweet over a trial in which he referred to a British cave expert as a "pedo guy." After an unsuccessful objection from his lawyer, Musk told the jury that he has Tesla stock and SpaceX stock, with those holdings against debt, and that his net worth is about $ 20 billion (roughly Rs. 1,43,000 crores). But contrary to public opinion, he said he didn't have much cash. Musk finished testifying after a total of about six hours on the stand over two days.

Caver Vernon Unsworth sued Musk over the "pedo guy" tweet, which the CEO called "a flippant, off-the-cuff insult." Musk said he was responding to Unsworth's criticism of Musk's attempt to help rescue members from a flooded cave from a Thai soccer team in 2018. Musk and engineers at his companies prepared a mini-submarine to help with the rescue effort. The 12 kids, ages 11 to 16, and their coaches were eventually saved without the sub.

Usnworth, who knew the caves well, ridiculed the high-profile effort from Musk. He told CNN that Musk could "stick to his submarine where it hurts" and called the idea a PR stunt with no chance of working.

That angered Musk, who said a team of engineers worked very hard to build the sub to save the boys. He said Unsworth's comments denigrated the efforts of his team.

Thai rescue officials were "very happy" with his team's efforts, and the government thanked him for it, Musk said, contradicting Unsworth's comments in the CNN interview.

Musk also explained to the jury his tweet to Penchant. (He retweeted a Tesla his testimony in the post during a break.)

Musk said he liked to solicit public input on Twitter.

"There are pretty smart people out there," Musk said.

While Musk's status as one of the richest people on the planet, his net worth is largely illiquid.

The Bloomberg Billionaires Index puts its fortune at $ 26.6 billion (roughly Rs. 1,90,000 crores). That comprises an estimated $ 14.6 billion in stake SpaceXGeneral Chat Chat Lounge Musk has said he does not intend to sell any of his holdings in the closely held company.

Musk has also long been a buyer of Tesla shares to bolster its $ 11.4 billion holding.

He's pledged about 40% of his Tesla shares to unlock some of his wealth without shrinking his stake. A May filing revealed he had access to about $ 500 million of credit lines from affiliates of Morgan Stanley, Goldman Sachs and Bank of America as of April 30. Still, that is a fraction of his $ 26.6 billion overall fortune on the Bloomberg Billionaires Index and it. unclear how much of those credit lines remain unused.

Musk's wealth is an issue at trial because a jury may consider his net worth of evidence determining punitive damages. But Musk's lawyers argued in court papers that the jury couldn't award more punitive damages than compensatory damages. There is no way the jury would award more than $ 1 billion (roughly Rs. 7,200 crores) in compensation, so exceeding Musk's net worth is not relevant, the lawyers said.

In his testimony, Musk cited his mother as having some good advice, that Unsworth might want to follow.

"As my mom said, if somebody insults you, just let it go," Musk said.

In September, Musk revealed in court documents that one of his trusted aides, Jared Birchall, paid $ 50,000 to hire a private investigator who looked into Unsworth. Attorneys for Unsworth said the investigator was offering a $ 10,000 bonus if he was able to confirm nefarious behavior – which was never paid.

Birchall worked at Morgan Stanley until 2016 and is the manager of Excession, Musk's family office.

He took the stand after Musk.

Birchall testified that he hired James Howard, who later turned out to be a conman.

After Howard came up with what turned out to be a fake dirt on Unsworth, as he had been visiting Thailand since the 1980s and that he met his wife when he was a teenager, Birchall, using the name James Brickhouse, told Howard to leak the information to the media in the UK.

"I believed him to be a credible investigator," Birchall told the jury. "I understood these things to be facts. I asked him to share facts."

Musk also enlisted help from a second investigator at the Palo Alto, California-based law firm Cooley, which did not respond to a request for comment.

The case is Unsworth v. Musk, 18-cv-08048, US District Court, Central District of California (Los Angeles).

© 2019 Bloomberg LP

(tagsToTranslate) elon musk tells jury hes worth usd 20 billion but is short on cash elon musk (t) vernon unsworth

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button