Elon Musk begins trial over Tesla tweet that cost him $20m

[Scott]

 

A trial into a tweet by Elon Musk alleging that he would take Tesla private in a $72bn (£58.7bn) buyout is set to begin on Tuesday.

Mr Musk is being sued by Tesla shareholders, who say that he manipulated the share price of the company.

In 2018, he tweeted that he had "funding secured" to take the carmaker private.

https://www.bbc.com/news/world-us-canada-64293744

[Chomper Higgot]

Wonderful news.

 

Any attempt by Musk to buy back in cheap is now a bright and flashing spot on the SEC radar.

 

 

[SunnyinBangrak]

It was a shocking and brazen act of stock manipulation, and the first time I heard of this Elon Musk character. At least that's what it superficially appeared as. I expect they will be able to convict him for this, but having learned more about Musk I suspect the motivation for the tweet was NOT for financial profit, it was more likely a joke which seemed a good idea after partying. The guy is a loose cannon, no surprise he does loose cannon stuff.

 

 His exposing the corruption/interference in democracy in the twitter files redeems him from any and all sins past, present and future in my mind. Is one silly tweet worse than the pure evil and years of gaslighting conservatives the twitter files showed happening? It's an ant next to Kilimanjaro.

[stevenl]

1 hour ago, SunnyinBangrak said:

It was a shocking and brazen act of stock manipulation, and the first time I heard of this Elon Musk character. At least that's what it superficially appeared as. I expect they will be able to convict him for this, but having learned more about Musk I suspect the motivation for the tweet was NOT for financial profit, it was more likely a joke which seemed a good idea after partying. The guy is a loose cannon, no surprise he does loose cannon stuff.

 

 His exposing the corruption/interference in democracy in the twitter files redeems him from any and all sins past, present and future in my mind. Is one silly tweet worse than the pure evil and years of gaslighting conservatives the twitter files showed happening? It's an ant next to Kilimanjaro.

Thanks for your learned opinion. So what you're saying do something good and past illegalities are no problem.

[Slip]

15 minutes ago, stevenl said:

Thanks for your learned opinion. So what you're saying do something good and past illegalities are no problem.

I think what he is actually saying is that as long as he supports your political stance illegalities are no problem.  Twitter files is thoroughly off-topic so I won't bother to mention it has been shown to be a load of old rubbish.

[JonnyF]

Surely anyone investing in Tesla (or any of his companies) needs to take into account Musk's involvement and treat that as a significant risk. He shoots from the hip. It really is a case of "Shoot, Ready, Aim".

 

I agree with the previous poster. Exposing the Twitter files was an act of virtue so significant that I am not too concerned about more minor transgressions. Not to mention re-installing a semblance of free speech to the platform. It's no wonder the Left hate him so much ????.

 

 

[Bkk Brian]

1 hour ago, Slip said:

I think what he is actually saying is that as long as he supports your political stance illegalities are no problem.  Twitter files is thoroughly off-topic so I won't bother to mention it has been shown to be a load of old rubbish.

That about sums him up perfectly. 

 

On this case things are not looking good for him at all, in April the federal judge said  “no reasonable jury could find Musk’s tweets on August 7, 2018 accurate or not misleading”

 

He ended up paying $20 million to SEC but if found guilty here it could run into billions. Even the Saudi Investment company that he claims he had talks with have refused to attend the hearing. Time for pay back for the investors who have lost so much. The twitter investors must wish they could do the same.

 

Elon has not only been deceiving his Tesla investors but in a separate case it was revealed yesterday, deliberately produced a staged video on the safety of the self driving ability of Tesla which is not just an investor problem but one that can lead directly to deaths.