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Elon Musk Defends His Tweets in Court on Taking Tesla Private at $420
Elon Musk through his legal team had a rough time in a San Francisco federal court defending his 2018 tweets intending to take Tesla Inc (NASDAQ: TSLA) private at $420 a share.
Musk’s Tweets on Tesla
Shareholders are suing the Tesla CEO under federal securities law over his 2018 tweets, which they allege were false and misleading statements that caused them financial harm and losses. Notably, the court has already deemed Musk’s tweets to be “untrue.” As such, Tesla investors intend to hold Musk and the company’s board members liable for the financial damages.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Musk argued in his 2018 tweets that taking Tesla private saves a lot of headaches for the company’s management. As such, the tech billionaire reportedly had secured $60 billion from Saudi Arabia investors, who were a crucial part of the
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