SAN FRANCISCO — Tesla Inc CEO Elon Musk “lied” when he said that funding was “secured” to take the company private, a lawyer for Tesla investors said on…
Tesla investor Glen Littleton is seeking damages on behalf of shareholders who traded the company’s stock in the days after Musk posted his plan to take the company private on Twitter in August 2018.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
While the tweets contained “technical inaccuracies,” Musk was concerned that some investors knew about his go-private plan and wanted to get the information out to the “everyday shareholder” that he “wanted to protect,” Spiro said.The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself is expected to take the stand as early as this week.
Littleton on Wednesday said on the stand that he began investing in Tesla in 2015 as Musk was “bringing new ideas to life” in the technology industry.Littleton said he scrambled to unwind his Tesla options positions, which the tweet made unprofitable.
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Tesla, Elon Musk face trial in shareholder case over his 2018 tweetsThe shareholders have not specified the damages, but said Musk\u0027s tweets cost investors \u0022billions.\u0022
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Tesla, Elon Musk face trial in shareholder case over his 2018 tweetsThe shareholders have not specified the damages, but said Musk\u0027s tweets cost investors \u0022billions.\u0022
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Tesla, Musk face trial in shareholder case over 2018 tweetsElon Musk and Tesla Inc are set to go to trial in San Francisco on Tuesday in a case where the company’s shareholders claim they were defrauded by Musk’s 2018…
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Tesla, Elon Musk face trial in shareholder case over his 2018 tweetsThe shareholders have not specified the damages, but said Musk\u0027s tweets cost investors \u0022billions.\u0022
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Tesla, Elon Musk face trial in shareholder case over his 2018 tweetsThe shareholders have not specified the damages, but said Musk\u0027s tweets cost investors \u0022billions.\u0022
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Video: Trial kicks off over Musk’s 2018 Tesla tweetsJury selection kicked off on Jan. 17 in a case brought by Tesla shareholders who claim Elon Musk's 2018 statement that funding was 'secured' to take the electric car maker private amounted to fraud. 'The deck is probably stacked against Musk, given that the judge has already ruled that it was a false statement,' said Professor of Law at UC Berkeley, Robert Bartlett.
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