Elon Musk Testifies That He Is Financially Illiquid

Credit: Heisenberg Media / CC-BY-SA 2.0/ Flickr

Andrew Wagner

Elon Musk testified that he is low on cash and assets that can be converted into cash on short notice.

A recent legal filing shows that Elon Musk testified that he is "financially illiquid," according to Business Insider.

The legal filing is in regard to British diver Vernon Unsworth suing Elon Musk, claiming defamation after Musk called him a "pedo guy" on Twitter last year. Unsworth was involved in last year's rescue of the youth soccer team and its coach from a cave in Thailand. Musk sent a miniature submarine to help with the rescue, and Unsworth claimed that it would have been ineffective and was a publicity stunt. In response, Musk released the tweet about Unsworth.

Musk is ranked by Forbes as the 40th richest person in the world, worth about $23.6 billion. The majority of this wealth is tied up in $14.6 billion in Space X stock and $8.8 billion in Tesla stock, according to Bloomberg.

"Mr. Musk clarified that much of his net worth is committed to his companies," Alex Spiro, an attorney for Musk, told Business Insider. "Of course Mr. Unsworth's lawyers are focused on this, since the entire case is nothing but a money-grab."

Elon Musk is one of the wealthiest men in the world, but most of his assets are tied up in the form of stocks and cannot be converted to cash instantly.

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Economics, Finance and Investing