Elon Musk has concluded his testimony in a federal trial over a class-action lawsuit that alleges he misled Tesla shareholders with a tweet about an aborted buyout
Elon Musk leaves the Phillip Burton Federal Building and United States Court House in San Francisco, Tuesday, Jan. 24, 2023. Musk returned to federal court to defend himself against a class-action lawsuit that alleges he misled Tesla shareholders with a tweet about an aborted buyout that the billionaire defiantly insisted Tuesday he could have pulled off, had he wanted.
At two separate junctures Tuesday under Spiro’s gentle prodding, Musk left no doubt about his contempt for Porritt with a remark expressing doubt that the lawyer was looking out for the best interests of Tesla shareholders. The remarks drew a quick rebuke from the judge and were stricken from the record. “It's inappropriate," Chen at one point admonished Musk.
The current trial hinges on whether a pair of tweets Musk posted on Aug. 7, 2018, damaged Tesla shareholders during a 10-day period leading up to his admission that the buyout he had envisioned wasn’t going to happen. The statements resulted in Musk and Tesla to reach the $40 million settlement without acknowledging any wrongdoing.
While being steered by Spiro, Musk told jurors he had stated only that he was “considering” a Tesla buyout but never promised a deal would get done. But, Musk said, he thought it important to get the word out to investors that Tesla might be poised to end its eight-year run as a publicly held company.While beingby Porritt, Musk at times was combative, indignant and exasperated.
“We are talking about the kingdom of Saudi Arabia," Musk testified. “They can buy Tesla several times over. This was not a large amount of money for them."
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