Elon Musk returned to the stand for a third day Tuesday in federal court in San Francisco to testify in a trial stemming from a class action lawsuit brought by Tesla investors who allege he misled them with a tweet.
The 51-year-old billionaire resumed his staunch defence centring on two 2018 tweets indicating testified the day before that he lined up the money to take Tesla private under the friendly questioning of his own lawyer, Alex Spiro.
When presented with texts and email indicating that a representative for the Saudi fund had never pledged the money for a full buyout of Tesla, Musk colourfully contended it was nothing more than the words of someone trying to backpedal from a previous pledge made in private conversations. In the class action lawsuit, Tesla investors allege Musk, who has since taken Twitter in a $44 billion buyout, misled them with a tweet saying funding was secured to take his electric car company private -- for $420 per share. But the deal never came close to happening, and the tweet resulted in a $40 million settlement with securities regulators.
In the first of the 2018 tweets, Musk stated "funding secured" for what would have been a $72 billion -- or $420 per share -- buyout of Tesla at a time when the electric automaker was still grappling with production problems and was worth far less than it is now. Musk followed up a few hours later with another tweet suggesting a deal was imminent.
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Elon Musk testifies on second day of Tesla tweet trialElon Musk returned to federal court in to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
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Elon Musk testifies on second day of Tesla tweet trialElon Musk returned to federal court in to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
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Elon Musk: Tweets about taking Tesla private weren't fraudElon Musk returned to court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private.
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Elon Musk: Tweets about taking Tesla private weren't fraudElon Musk returned to court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private.
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