This Thursday, January 19, a lawsuit opens against Elon Musk launched by investors following the tweet on Tesla’s exit from the stock market in 2018.
Elon Musk – CREDIT: Wikimedia Commons
Elon Musk is an American entrepreneur and engineer known for his contributions to solar energy, transportation, and aerospace. He is best known for being the founder, CEO and CEO of SpaceX, a private aerospace company that aims to make commercial spaceflight affordable, and for being the founder and CEO of Tesla, Inc., an electric car company and renewable energy technologies.
In 2018, he announced in a tweet that Tesla was going to go public. This is what brings him to court today. Indeed, investors accuse him of lies, that his words have caused several people to lose millions of dollars. Says attorney Nicholas Porritt.
The case dates back to August 7, 2018 precisely, this would have allowed Elon to artificially manipulate the price of the company Tesla. He had said he would take Tesla off the stock market by paying $420 per share and that the funding was secure.
Thanks to this, Tesla’s stock had jumped to 386 dollars in the wake of Elon Musk’s tweets, then on August 16 it fell to 335 dollars, which caused investors to lose a lot of money.
For more than 4 years Elon Musk has not stopped explaining himself on this famous tweet, because he is risking a lot in this trial. In any case, this big boss has been talking about him worldwide for several months.
Elon Musk began his career by co-founding Zip2, an online mapping service which was sold for $22 million in 1999. He then founded X.com, an online payment company which became PayPal and has was sold for $1.5 billion in 2002.
With the money he earned from these deals, Musk founded SpaceX in 2002, with the goal of making commercial spaceflight affordable and colonizing Mars. In 2008, SpaceX was the first private company to send a spacecraft into Earth’s orbit, and in 2012 it was the first private company to send and retrieve a spacecraft for the US space agency NASA.
In 2003, Musk also founded Tesla, Inc, a company that aims to accelerate the transition to sustainable energy by developing and producing high-performance electric cars. Tesla became the first automaker to be included in the S&P 500 index in December 2020, showing its impact on the auto industry.
Apart from SpaceX and Tesla, Musk is also involved in other companies such as Neuralink, a neurotechnology company which aims to connect the human brain to a computer, and The Boring Company, a company which aims to build tunnels to reduce traffic congestion.