Musk defends his tweets about ‘financing secured’ in the Tesla shareholder trial
Musk acknowledges that although he had discussions with the Public Investment Fund of Saudi Arabia, no agreement was reached.
Elon Musk, the owner of Tesla and Twitter, appeared in a federal court in San Francisco to defend himself against a lawsuit brought by a number of Tesla stockholders.
Elon Musk tweeted in 2018 that he had funds in place to take Tesla private.
The stock market was claimed to have stopped trading after the tweet, and equities had been extremely volatile for weeks.
He noted that just because he tweeted something, “does not mean people believe it or will act accordingly.” He was defending his tweets in court.
He acknowledged that the Saudi Arabian Public Investment Fund had expressed interest in Tesla and that he was in discussions with them. The deal, though, was never completed. Musk then made a statement about keeping public on Tesla’s website.
Tesla shareholders sued Musk because the company suffered losses as a result of his comments. The billionaire, though, disputes the effects of his tweets.
He insisted, “There have been numerous instances where I believed that tweeting something would cause the stock price to drop. For instance, I once tweeted that the stock price was, in my perspective, too high…and it increased, which was, which is, you know, paradoxical.”
Musk is scheduled to appear in court once more on Monday as the case is still pending.
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