SAN FRANCISCO - A lawyer for Tesla investors said on Wednesday (Jan 18) that chief executive officer Elon Musk “lied” when he tweeted in 2018 that funding was “secured” to take the company private. Mr Musk’s alleged lies caused “regular people” to lose millions, Mr Nicholas Porritt, lead attorney for the investors, told a jury in San Francisco during opening...
The logo of car manufacturer Tesla is seen at a dealership in London, Britain, on May 14, 2021.SAN FRANCISCO - A lawyer for Tesla investors said on Wednesday that chief executive officer Elon Musk “lied” when he tweeted in 2018 that funding was “secured” to take the company private.
“You will come to learn very soon that this was not fraud, not even close,” Mr Alex Spiro said, during opening statements. The case is a rare securities class action trial, and Mr Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Mr Musk himself is expected to take the stand this week.
A jury of nine will decide whether the tweets artificially inflated Tesla’s share price by playing up the status of funding for the deal, and if so, by how much.The defendants, who also include current and former Tesla directors, have said they will argue that the stock price jumped in response to Mr Musk saying he was considering taking the company private, which they say was the case, not his assertion about funding.
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