Elon Musk has returned to the stand for a third day in federal court in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet
In this courtroom sketch, Elon Musk appears in federal court in San Francisco, Friday, Jan. 20, 2023. Musk took the witness stand to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening. The tweet resulted in a $40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court Friday.
As Spiro gently prodded him, Musk told the nine-person jury he had stated only that he was “considering" a Tesla buyout but never promised a deal would get done. But, Musk said, he thought it important to get the word out to investors that Tesla might be poised to end its eight-year run as a publicly held company.While beingby an attorney representing Tesla shareholders, Musk at times was combative, indignant and exasperated.
Surfacing while Musk was on the stand Tuesday was his contempt for the attorneys who sued on behalf of Tesla shareholders who owned stock in the company for a 10-day period in August 2018. 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 aMusk has previously contended he entered into the settlement under duress and maintained he never wavered in his belief that he had the money for a deal.
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