Musk ready to stand trial again over Tesla funding tweet

Musk ready to stand trial again over Tesla funding tweet

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Musk has been defending investors against defrauding claims by tweeting on August 7, 2018, that he had “funding secured” to take Tesla private at $420 per share, and that he had “confirmed investor support”. has gone.”

“With SpaceX stock, I thought the funding was secure” for the buyout, Musk told a jury on Monday, referring to the aerospace company where he is also chief executive officer.

He said he later decided not to take Tesla private due to a lack of support from some investors and a desire to avoid a lengthy process.

The trial tests Musk’s penchant for taking to Twitter to air his sometimes irreverent views, and when the world’s second-richest man can be held liable for crossing a line.

Tesla’s share price skyrocketed after Musk’s 2018 tweet, only to decline as it became clear that the buyout would not happen. Investors say that they have lost millions of dollars due to this.

A nine-member jury will decide whether Tesla’s CEO artificially inflated the company’s share price by citing buyout prospects, and if so by how much.

Musk testified that when tweeting about the funding, he was saying “it won’t happen, but I’m thinking about it” and that it was his “opinion” that the funding was secure.

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