• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The $40 trillion national debt is growing while Social Security goes broke—because wealthy Boomers are collecting over $100k in benefits per year

2

'I'm in favor of taxes,' says Nvidia's Jensen Huang—but he doesn't agree with Bill Gates on his plan to slow an AI fallout

3

Welcome to the 'upper-middle-class trap': why $300,000 a year doesn't feel like winning anymore

1

The $40 trillion national debt is growing while Social Security goes broke—because wealthy Boomers are collecting over $100k in benefits per year

2

'I'm in favor of taxes,' says Nvidia's Jensen Huang—but he doesn't agree with Bill Gates on his plan to slow an AI fallout

3

Welcome to the 'upper-middle-class trap': why $300,000 a year doesn't feel like winning anymore
TechTesla

Elon Musk insists his infamous $420 ‘funding secured’ tweet was not a joke to make his girlfriend laugh

Kylie Robison
By
Kylie Robison
Kylie Robison
Down Arrow Button Icon
Kylie Robison
By
Kylie Robison
Kylie Robison
Down Arrow Button Icon
January 23, 2023, 2:54 PM ET
Elon Musk and Grimes in 2018.
Elon Musk and Grimes in 2018.Jason Kempin/Getty Images
Add Fortune on Google for similar content.

Tesla CEO Elon Musk’s history of tweets is full of jokes and wisecracks, often with sexual or drug-related innuendos. But according to Musk, an infamous 2018 tweet referring to a $420 stock price—a reference to marijuana—was the result of mathematical coincidence and not an attempt at humor.

Musk took the witness stand on Monday in a securities fraud trial involving his 2018 claim that he had “Funding Secured” to take Tesla private at $420 a share, even though no such deal materialized and Tesla remains a publicly traded company.

The SEC fined Musk $40 million in 2018 as a result, and forced him to step down as chair of Tesla’s board. Now, he’s getting sued by investors who owned stock over a 10-day period (Aug. 7–17) claiming the tweet cost investors “billions.”

In federal court in San Francisco on Monday, the plaintiff’s lawyer asked Musk if he chose the $420-per-share price because it was a joke he thought his girlfriend would enjoy. Musk said that was not the case.

“420 was not chosen because of a joke,” Musk said. “It was chosen because there was a 20% premium over the stock price.”

Musk acknowledged that the actual Tesla stock price after adding a 20% premium totaled $419 and more than 50 cents, and explained that he rounded the number up to $420. It was “a coincidence,” he said. Pressed by the plaintiff’s lawyer about whether he believed his “girlfriend”—presumably the famous DJ Claire Elise Boucher, otherwise known as Grimes, with whom Musk has two children—”would find it funny,” Musk said he wasn’t sure.

“I don’t know if she found it funny or not. But the 420 price was not a joke,” Musk said.

“There is some karma around 420,” Musk noted moments later, “although I should question if that is good or bad karma at this point.”

In April, the judge presiding over this case determined that Musk’s tweets were false. Now a jury will rule on the extent of any damages, whether Musk acted deliberately, and whether the statements affected Tesla’s share prices.

Do you have insight to share? Got a tip? Contact Kylie Robison at kylie.robison@fortune.com, through secure messaging app Signal at 415-735-6829, or via Twitter DM.

About the Author
Kylie Robison
By Kylie Robison
Instagram iconLinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Tech


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Tech


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.