Elon Musk defends his 2018 tweets about Tesla in court

American billionaire Elon Musk tried to show in court on Monday that his 2018 tweets, about his desire to take Tesla out of the stock market, were not misleading or fraudulent. Investors say they have lost millions because of these messages.

The boss of Tesla had created a stupor on August 7, 2018, saying that he wanted to withdraw his group from the stock market at a price of 420 dollars per share, then assuring that the financing was “secured”.

‘I didn’t say it was done. I was just saying that I was considering it, that I was thinking about it and that in my opinion, the financing was secure, ”said Elon Musk at the bar in the San Francisco court, where the trial is taking place.

Last week, the plaintiffs’ lead lawyer accused the manager of “lying” and being responsible for the investors’ losses. The stock jumped on the heels of the highly unusual tweets (and the Nasdaq temporarily suspended Tesla stock price), before declining in the following days. News reports had revealed that the boss didn’t really have the funds. The Tesla company remained listed on the stock exchange.

Cannabis

The lawyer returned to the price offered by Elon Musk, 420 dollars per share. In the United States, the numbers 4 and 20 together are associated with the consumption of cannabis. When the billionaire offered to buy Twitter last spring, he chose a price of $54.20 per share.

‘Did you round up to 420 as a prank on your girlfriend?’ the lawyer asked. ‘It was not a joke. This represented a premium of 20% above the price of the action”, replied Elon Musk, acknowledging however that there is “a certain karma around 420”. ‘Not sure if it’s good or bad karma at this point,’ he joked again.

“I was the main shareholder of SpaceX, which is the most valued unlisted company in the United States, so I also had my SpaceX shares to complete the transaction,” insisted the billionaire.

The trial is expected to last three weeks. In a previous ruling related to the case, a judge ruled that the infamous 2018 tweet could be considered ‘false and misleading’.

/ATS

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