Elon Musk ‘Should Be Quiet,’ as ‘Funding Secured’ Still a Legal Concern


Steve Thel was quoted in TheStreet article about Elon Musk’s remarks on trying to take Tesla private using Saudi funding.

Nothing in his remarks concerning the Saudi wealth fund clarifies his enigmatic assertion that funding has been secured. Moreover, his insistence of speaking publicly does nothing to either advance a takeover or to quell questions about whether he was telling the truth, said Steve Thel, a law professor with expertise in securities regulation at Fordham Law School.

“If what he’s trying to do is put together a takeover he should be quiet,” Thel told TheStreet in a phone interview. “Most people’s advice to him would be not to talk. This ongoing commentary that is not entirely complete is causing problems.”

That’s another reason why Musk should lay off Twitter and blog posting, Thel said. Even if the blog post was an attempt to correct what was said on Twitter, “in some ways that simply confirms that the statements made before were not true” because “the statement falls short of saying funding is secured,” Thel said.


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