Musk was sued by shareholders for allegedly costing them billions of dollars with the post that said funding was “secured” to buy out the company’s shareholders. theSun theSundaily elonmusktwitter Twitter trial Musk
Legal aides move boxes of material as they arrive for the Elon Musk shareholder lawsuit trial at the Phillip Burton Federal Building on January 17, 2023 in San Francisco, California/AFPPix: Trial began Tuesday over whether Elon Musk committed fraud with a 2018 tweet saying he was poised to take Tesla private.
The case dates back to August 2018 when Musk tweeted that he had sufficient funding to take Tesla private, causing a whirlwind in the company’s share price. “The plaintiff alleges that these tweets were materially false and artificially affected the price of Tesla stock and other securities after they were made,“ US District Court Judge Edward Chen said while summarizing the case for potential jurors.
Chen last week refused a request by Musk to transfer the proceedings to Texas, the southern state where Musk moved Tesla’s headquarters.
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