Elon Musk tweeted that he would take Tesla private in 2018 and expected strong funding, but lacked commitment from backers, according to testimony during his third day of hearings in federal court in San Francisco.

Musk has been accused of defrauding investors by driving up Tesla’s stock price by tweeting that “money is available” to take the electric car maker private.

The trial is testing whether the world’s second-richest man can be held accountable for his use of Twitter. Musk tweeted that he had “confirmed investor support” for the deal, claiming millions of dollars in losses for shareholders.

Tesla’s stock price rose after Musk’s tweets, and then fell after it became clear the acquisition would not go through.

He told jurors on Tuesday that to take Tesla private, he could have attracted multiple sources of financing, from existing shareholders such as Oracle Corp co-founder Larry Ellison to Saudi Arabia’s sovereign wealth fund or his own wealth.

“Funding was not a problem,” Musk said. “It was quite the opposite.”

Musk, however, acknowledged that he did not have binding agreements with investors, leaving it up to a jury to decide whether he misled shareholders.

A 9-person jury will determine whether Tesla’s CEO artificially inflated the company’s stock price by considering the future of the acquisition.

In response to questions from his attorney, Alex Spiro, Mook said the tweet was intended to inform investors of his intention to take Tesla private. Musk said he had discussed his interest with Tesla’s board and Saudi Arabia’s sovereign wealth fund and was wary of leaks to the media.

“I had no reason to,” he said. “My goal here was to do the right thing for our shareholders.”

The Saudi fund did not immediately respond to a Reuters request for comment.

Musk told the jury that he had decided to abandon the idea of ​​taking the company private after receiving feedback from shareholders.

“After speaking with several investors, especially small investors, they said they would prefer Tesla to remain public and I felt it was important to respond to their needs,” Musk testified.

Goldman Sachs, which has been working with Musk on the proposed deal, posted notes and documents from board meetings on Twitter.

Goldman Sachs did not immediately respond to a request for comment.

But when asked by the investors’ lawyer, Nicholas Porritt, Musk said he had no binding agreements to secure funding from any interested parties.

Musk repeatedly refused to give “yes” or “no” answers to Porritt’s questions about the Saudi fund’s discussion, prompting the judge at one point to help with the question.

“Has a certain number been discussed?” the judge asked.

“It’s not a different number,” Musk said.

On Monday, Musk said he could have financed the deal by selling his stake in SpaceX, the aerospace company of which he is CEO. He said he believed funding had been promised by the Saudi fund before he backed out.

The tweet has already resulted in a $40 million settlement with security regulators.

After it was revealed that the money was not intended to take Tesla private, Musk stepped down as Tesla’s chairman and remained part of the Securities and Exchange Commission settlement without any wrongdoing.

The hearing will continue into next week with testimony from Tesla board members and experts.

Reuters contributed to this report.

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