https://sputnikglobe.com/20230117/musk-sued-over-tesla-tweets-that-cost-investors-billions-reports-say-1106427089.html
Musk Sued Over Tesla Tweets That Cost Investors Billions, Reports Say
Musk Sued Over Tesla Tweets That Cost Investors Billions, Reports Say
Sputnik International
Tesla CEO Elon Musk is being sued over tweets from 2018 in which he said he had secured the funding to take the carmaker private, a claim that sent the stock on a rollercoaster ride, media reported on Tuesday.
2023-01-17T13:40+0000
2023-01-17T13:40+0000
2023-01-17T14:02+0000
economy
elon musk
tesla
trial
sovereign wealth fund
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The securities-fraud lawsuit is seeking damages for investors who feel they were defrauded by Musk and Tesla of billions of dollars because the tweets about the funding being certain turned out to be false, the American media reported. The class-action case will go to court in San Francisco on Tuesday. Oral arguments could reportedly start the same day if the jury is selected. Some 190 potential jurors were asked ahead of time to fill out questionnaires about their views of Musk and related issues. Musk is expected to take the stand on Wednesday. Possible witnesses include Tesla board chair Robyn Denholm, several board members and the head of investor relations, Martin Viecha. This case is unusual, the WSJ said, because securities-fraud cases are usually solved pre-trial, but US District Judge Edward Chen made the defendants’ job harder when he ruled ahead of the trial that Musk’s social media statements were untrue and that he acted recklessly in making them. The defense team argued, in a pretrial brief cited by the daily, that Musk believed he had the Saudi Arabian sovereign wealth fund on board to take Tesla private, at a cost which he estimated at $420 per share. Musk's initial tweet caused the Tesla stock to rally before it lost those gains following media reports that the funding had not been secured.
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tesla stock manipulation, musk manipulationg tesla stock, musk`s twitter, tesla goes private
tesla stock manipulation, musk manipulationg tesla stock, musk`s twitter, tesla goes private
Musk Sued Over Tesla Tweets That Cost Investors Billions, Reports Say
13:40 GMT 17.01.2023 (Updated: 14:02 GMT 17.01.2023) MOSCOW (Sputnik) - Tesla CEO Elon Musk is being sued over tweets from 2018 in which he said he had secured the funding to take the carmaker private, a claim that sent the stock on a rollercoaster ride, media reported on Tuesday.
The securities-fraud lawsuit is seeking damages for investors who feel they were defrauded by
Musk and Tesla of billions of dollars because the tweets about the funding being certain turned out to be false, the American media reported.
The class-action case will go to court in San Francisco on Tuesday. Oral arguments could reportedly start the same day if the jury is selected. Some 190 potential jurors were asked ahead of time to fill out questionnaires about their views of Musk and related issues.
Musk is expected to take the stand on Wednesday. Possible witnesses include
Tesla board chair Robyn Denholm, several board members and the head of investor relations, Martin Viecha.
This case is unusual, the WSJ said, because securities-fraud cases are usually solved pre-trial, but US District Judge Edward Chen made the defendants’ job harder when he ruled ahead of the trial that Musk’s social media statements were untrue and that he acted recklessly in making them.
The defense team argued, in a pretrial brief cited by the daily, that Musk believed he had the
Saudi Arabian sovereign wealth fund on board to take Tesla private, at a cost which he estimated at $420 per share. Musk's initial tweet caused the Tesla stock to rally before it lost those gains following media reports that the funding had not been secured.
