Back in 2018, Musk claimed he had lined up the financing to pay for a $72 billion buyout of Tesla. But that never happened.
A 2018 Elon Musk tweet made it seem as if he'd lined up the financing to pay for a $72B buyout of Tesla. Now he's facing trial in San Francisco.While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he didn't.
But the buyout never materialized and now Musk will have to explain his actions under oath in a federal court in San Francisco. The trial, which begins on Tuesday with jury selection, was triggered by a class-action lawsuit on behalf of investors who owned Tesla stock for a 10-day period in August 2018.
Chen dealt Musk another setback on Friday, when he rejected Musk's bid to transfer the trial to a federal court in Texas, where Tesla moves its headquarters in 2021. Musk had argued that negative coverage of his Twitter purchase had poisoned the jury pool in the San Francisco Bay Area.
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