Elon Musk was summoned to court to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.
SAN FRANCISCO — Elon Musk took the witness stand Friday to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court Friday.
The nine-person jury assembled earlier this week will be responsible for deciding whether a pair of tweets that Musk posted on Aug. 7, 2018 damaged Tesla shareholders during a 10-day period leading up to a Musk admission that the buyout he had envisioned wasn't going to happen. "I care a great deal about retail investors,” he said during questioning by shareholder attorney Nicholas Porritt.
“I think you can absolutely be truthful" on Twitter, Musk said. “But can you be comprehensive? Of course not.”Even before Musk took the stand, U.S. District Judge Edward Chen had declared that the jurors can consider those two tweets to be falsehoods, leaving them to decide whether Musk deliberately deceived investors and whether his statements saddled them with losses.
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