Meanwhile, Tesla announces plans for expansion of Nevada Gigafactory complex via IrishTimesBiz
While investor attorney Nicholas Porritt was trying to show that the short-lived take-private proposal was empty, lacking the most fundamental details, Mr Musk told jurors he was certain about the funding. He testified about the possibility of using his holdings in SpaceX to help finance the transaction, along with a multibillion-dollar commitment by Saudi Arabia’s sovereign wealth fund.
Mr Musk testified that Dan Dees, a Goldman Sachs Group executive who he’d been talking to about the take-private plan, was very complimentary about how Mr Musk explained his rationale in a Tesla blog post on the same day as his tweet.He testified that he “withdrew all commercial banking business from JPMorgan, which to say the least made JPMorgan hate Tesla and me”.
“Not a specific number,” Mr Musk said. He’d previously testified he believed the Public Investment Fund’s support was “unequivocal, and added Tuesday that “PIF can take Tesla private 150 times over”. Separately, Tesla said on Tuesday it would invest more than $3.6 billion to expand its Nevada Gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric truck and the other to make its new 4680 battery cell.
Tesla has struggled to ramp up production of the 4680 at its factories in Fremont, California, and Austin, Texas.
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