Elon Musk has returned to federal court in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet.
Tesla CEO Elon Musk’s impulsive and sometimes inflammatory usage of Twitter has taken center stage in a trial focused on whether he misled investors with his 2018 tweets indicating he had lined up financing to take the electric automaker private, a prop
Musk’s tweets back then fueled a rally in Tesla’s stock price that abruptly ended a week later, after it became apparent that he didn’t have the funding for a buyout after all. That resulted in himscrapping his planto take the automaker private, culminating in a$40-million settlementw...
which settled securities fraud charges for allegedly misleading investors with a series of inaccurate tweets last summer saying he had secured the funds necessary to take Tesla private at $420 a share. Musk agreed to pay fine of $20 million, step down as chairman for three years and refra...
Musk declared he had"funding secured"to take Tesla private. A few hours later, Musk sentanother tweetindicating that the deal was imminent.The tweets caused Twitter's stock to surge during a 10-day period covered by the lawsuit before falling back after Musk abandoned a deal in which he nev...
Although Musk’s car company has been more open to accepting Bitcoin in the past, his space venture SpaceX hasdiversified and supported Dogecoin. Tesla stopped the Bitcoin experiment, citing environmental concerns, but never let go of the coins it had received, which have seen some sharp rise...
Elon Musk’s message to Tesla employees echoes some of his past tweets about the EV maker’s workforce. Musk, despite being the face of the company, actually gives a lot of credit for Tesla’s achievements to its employees on a regular basis. Musk has sent similar messages of thanks to...
He also agreed to step down as Tesla chairman and to have an appointed in-house attorney vet his tweets, or any other public statements that could affect Tesla's stock price. In the recent tweet on Feb. 19 that inspired the contempt proceedings, Musk said, "Tesla made 0 cars in 2011,...
Masks at Car Dealers Still Not Universal; Be Ready Uber Says, Our Drivers Need Early Vaccine Access Car Repos Expected Up in 2021 Because of Pandemic Auto Loans Source of Consumer Pain during Pandemic 2021 BMW M8 Coupe and Convertible Not U.S.-Bound ...
A year later, Tesla and the SEC agreed that Musk’s tweets about Tesla should be subject to more oversight.As per the settlement, a company lawyer was designated to pre-approve Musk’s tweets about Tesla’s financial health, sales, or delivery numbers — estimated or otherwise — as well ...