Musk defends his tweets that rocked Tesla’s price

Musk defends his tweets that rocked Tesla’s price
Musk defends his tweets that rocked Tesla’s price
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US billionaire Elon Musk, co-founder and chairman of electric car maker Tesla, has defended tweets he posted in 2018 that sparked a very costly lawsuit, alleging that Musk’s claim that he secured the financing to buy back Tesla shares at $420 a share and delist them from the stock exchange cost Investors big losses.

The trial is mainly related to two assertions that Musk published at the time when he wrote that he was considering delisting Tesla from the stock exchange and also confirmed that he had secured the necessary financing for such a deal and that there was an investor who confirmed his support for this plan.

It later became clear that there were no written agreements to fund this move and that influential investors were in favor of continuing the company on the stock exchange.

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Musk said during testimony on the second day of the trial before a federal court in San Francisco yesterday, Monday, that he was betting on the ability of his space technology company, SpaceX, on its own, to secure financing for the Tesla stock purchase plan.

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This lawsuit was filed by investors in Tesla, accusing Musk of causing the company’s share price to fluctuate through his tweets, which incurred losses for them. The idea of ​​delisting Tesla stock was quickly pulled back at the time.

Musk said he posted his tweets at the time because he was concerned that the Financial Times would report on the plan. Musk admitted, in response to lawyer’s questions, that he was not aware of the exact information that reached the newspaper.

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