New York
CNN
–
A four-year-old tweet from Elon Musk has the Tesla CEO back in court on Tuesday.
Musk, Tesla and other Tesla executives are facing shareholder lawsuits over his now-infamous 2018 TweetWhich said that he was worried about Tesla is taking private A share price is $420. If he ended the tweet there, there still wouldn’t be a case for coverage or unspecified damages.
But he ended it with the two words that cost Musk millions of dollars in fines and legal fees: “Funding secured.”
It turned out that when Musk spoke to its executives Saudi Sovereign Wealth Fund As for the money he would need to take Tesla private, the funding was anything but “secure.”
Tesla shares initially rose 11% on the day of his original tweet, but they never reached the promised $420 level, hitting a high of $387.46 that day. And they soon fell below their pre-Tweet price of $344, hitting $263.24 a month later, as it became clear that the fund was less than safe, with the shareholder lawsuit now reaching trial more than four years later.
Tesla turns from loss to profit nearly a year after tweeting
(TSLA) Shares went on a remarkable run, rising 1520% since the day of the tweet to hit a record high in November 2021. Adjusted for two stock splits since that day, the record $409.97 works out to $6,150 a share. Even with Tesla’s 70% decline
(TSLA) From that all-time high to Friday’s close, shares are still up 384% since the close of the 2018 tweet.
Musk’s tweet also sparked a civil lawsuit Securities and Exchange Commission, a federal agency charged with protecting investors by telling the truth to officials. It basically tried to oust him as CEO of Tesla. It finally reached one Settlement with musk In which he and Tesla each agreed to pay a $20 million fine, and Musk stepped down as chairman of the company but retained the title of CEO. Any tweets he sends with material information about Tesla must be reviewed by executives from other companies.
Kasturi later Dr He only agreed to the settlement because continuing to fight would have cut off the funds the banks needed to survive for Tesla, which was then losing money and cash crunch. In remarks at a TED conference last year, he compared dealing with the SEC to someone pointing a gun at his child’s head.
But despite his claims The funds are safe, said federal judge Edward Chen, who is hearing the case starting Tuesday Verdict last April that “no reasonable jury could have found Musk’s tweets on August 7, 2018 to be accurate or misleading” and rejected requests by Musk and the other defendants to dismiss the case before trial.
Last week, Chen also ruled against a motion by Musk and other defendants to move the case to Texas, where Tesla is now headquartered rather than in San Francisco. They argued that media attention to Musk and his Twitter purchase made it impossible to find an impartial jury in the San Francisco Bay Area, especially Coverage of his layoff on Twitter Since completing the purchase, and his opinion on allowing tweets that may have been banned earlier for spreading misinformation.
“A potential juror who already has an opinion that Mr. Musk uses Twitter inappropriately or is dishonest in his application is unlikely to remove that bias from his evaluation of the evidence in this case and render an unbiased verdict,” Musk’s attorneys argued. On the request to remove the trial. Musk’s lawyers said a survey of 200 potential jurors found that 116 already had a negative opinion of Musk and only 26 had a positive opinion of him.
“The jury questionnaire reinforces that this district’s jury pool is biased against Mr. Musk, that much of the bias is related to issues directly relevant to this case (eg, Mr. Musk’s use of Twitter and integrity), and that some baseline existed. Media coverage of recent events prior to fanned and emphasized by,” his attorneys said in the filing. “These numbers make it clear that an impartial juror cannot feasibly be impaneled from this jury pool.”
During Tuesday’s selection process to select the nine members of the jury, potential jurors were asked about their opinions of the mask, which they provided in questionnaires.
One prospective judge wrote that Musk came off as “arrogant and narcissistic.” But when the judge asked him if he believed he could put those feelings aside and make a judgment based on what was said in the courtroom, he replied, “Without a doubt.”
“A lot of people are not picky people but that doesn’t mean you judge them,” he said. “There are times when I don’t like my husband.”
This is just the latest court case involving masks. He is still awaiting a decision in a bench trial in a separate shareholder lawsuit held in Delaware state court. He received a compensation package from Tesla that made him the richest man Up to the planet The recent decline in the company’s stock price.
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