Tesla Inc's board had no obligation to review CEO Elon Musk's 2018 tweets announcing a bid to take the electric car maker private, which investors allege were fraudulent, two independent directors testified at trial on Wednesday.
The trial is testing whether Elon Musk, the world's second-richest person, can be held liable when his sometimes impulsive use of Twitter rubs up against U.S. Securities and Exchange Commission rules about corporate disclosures.
James Murdoch, son of media tycoon Rupert Murdoch, told the jury the tweets were consistent with what he knew about Musk's talks with Saudi Arabia's sovereign wealth fund, the Public Investment Fund. Musk testified last week that "funding was absolutely not an issue." He acknowledged, however, that he did not have binding agreements with investors for specified amounts, leaving it to the jury to decide if he misled shareholders.
The jury will decide whether the Tesla CEO artificially inflated the company's share price by touting the buyout's prospects, and if so, by how much.
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