Posted on Jan 21, 2023
Elon Musk takes the witness stand to defend his Tesla buyout tweets
1.09K
28
3
10
10
0
https://www.npr.org/2023/01/21/ [login to see] /elon-musk-trial-tesla-buyout-tweets
Elon Musk took the witness stand Friday to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.
The tweet resulted in a $40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court for about a half hour Friday to deliver sworn testimony in front of a nine-person jury and a full room of media and other spectators.
The trial was then adjourned for the weekend and Musk was told to return Monday to answer more questions.
Elon Musk took the witness stand Friday to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.
The tweet resulted in a $40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court for about a half hour Friday to deliver sworn testimony in front of a nine-person jury and a full room of media and other spectators.
The trial was then adjourned for the weekend and Musk was told to return Monday to answer more questions.
Elon Musk takes the witness stand to defend his Tesla buyout tweets
Posted from npr.orgPosted in these groups: 
Tesla MotorsTwitter
LawsuitUS Securities and Exchange Commission
San Francisco
Tesla MotorsTwitter LawsuitUS Securities and Exchange Commission San Francisco
Posted >1 y ago
Responses: 3
8
8
0
PO1 William "Chip" Nagel
..."Tesla’s stock has split twice since then, making the $420 buyout price cited in his 2018 tweet worth $28 on adjusted basis now. The company’s shares were trading around $133.42 Friday, down from the company’s November 2021 split-adjusted peak of $414.50.
After Musk dropped the idea of a Tesla buyout, the company overcame its production problems, resulting in a rapid upturn in car sales that caused its stock to soar and minted Musk as the world’s richest person until he bought Twitter. Musk dropped from the top spot on the wealth list after the stock market’s backlash to his handling of Twitter.
When asked Friday about the challenges that Tesla faced in 2018, he recalled spending many nights sleeping at the automaker’s California factory as he tried to keep the company afloat.
“The sheer level of pain to make Tesla successful during that 2017, 2018 period was excruciating,” he recalled."
..."Tesla’s stock has split twice since then, making the $420 buyout price cited in his 2018 tweet worth $28 on adjusted basis now. The company’s shares were trading around $133.42 Friday, down from the company’s November 2021 split-adjusted peak of $414.50.
After Musk dropped the idea of a Tesla buyout, the company overcame its production problems, resulting in a rapid upturn in car sales that caused its stock to soar and minted Musk as the world’s richest person until he bought Twitter. Musk dropped from the top spot on the wealth list after the stock market’s backlash to his handling of Twitter.
When asked Friday about the challenges that Tesla faced in 2018, he recalled spending many nights sleeping at the automaker’s California factory as he tried to keep the company afloat.
“The sheer level of pain to make Tesla successful during that 2017, 2018 period was excruciating,” he recalled."
(8)
(0)
7
7
0
PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
(7)
(0)
2
2
0
Read This Next
Continue with Facebook 
Continue with Google