Tesla Inc CEO Elon Musk 'lied' when he said that funding was 'secured' to take the company private, a lawyer for Tesla investors said on Wednesday, as an attorney for Musk argued that the billionaire merely used the 'wrong words' when he tweeted about his plans in 2018.
CEO Elon Musk "lied" when he said that funding was "secured" to take the company private, a lawyer for Tesla investors said on Wednesday, as an attorney for Musk argued that the billionaire merely used the "wrong words" when he tweeted about his plans in 2018.
"You will come to learn very soon that this was not fraud, not even close," Alex Spiro said during opening statements. A jury of nine will decide whether the tweets artificially inflated Tesla's share price by playing up the status of funding for the deal, and if so, by how much. Spiro said on Wednesday that Tesla's stock price jumped in response to Musk saying he was considering taking the company private, which he said was true. It did not jump on Musk's assertion about funding, Spiro said.
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