Elon Musk thought he had verbal agreement with Saudis, and considered using SpaceX stake: report

Tesla CEO Elon Musk thinks the fraud case the SEC filed against him on Thursday is flawed, according to a report in the Wall Street Journal citing a person familiar with the matter.

Musk thinks he had a verbal agreement in place with the Saudi sovereign wealth fund, and that verbal agreements are often common when doing business in the Middle East.

The report also says that Musk told several people that he could have used his own stake in SpaceX, the commercial space flight company he founded and that is worth billions of dollars, to lead the take-private.

Read the full report in the Wall Street Journal.

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