Friday, March 24, 2023

Musk defends controversial tweets

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Tesla CEO Elon Musk has defended his controversial 2018 tweets in court, which have led to a potentially costly investor lawsuit. He was honest at the time, Musk assured in San Francisco.

A class action lawsuit is being negotiated by investors over Musk’s hasty announcement that he wants to take the electric car manufacturer off the stock exchange. The plaintiffs accuse Musk of fraud that robbed them of money. After hours of questioning on Monday, he has to take the witness stand for the third time on Tuesday.

Specifically, two claims in Musk’s tweets take center stage. Not only did he write that he was considering taking Tesla private at a price of $420 per share. He also claimed that such a deal had “secured” funding and confirmed investor support. It later emerged that there were no written funding agreements and influential investors were in favor of staying on the stock exchange.

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