Accused of fraud, Elon Musk is behind the wheel to defend his tweets about Tesla

Dark suit, white shirt, he was sworn in this afternoon for testimony that could continue Monday.

The head of Tesla and Twitter has caused a stir since late October when he said he wanted to take the auto group public on August 7, 2018 at a price of $420 per share. was funding safe.

Elon Musk, [alors] The Tesla CEO lied and his lies cost people millions of dollarsNicholas Porritt, a lawyer for the plaintiffs, launched on Wednesday, investors gathered in a mass action.

On August 10, 2018, they filed a complaint against the business manager artificially manipulated Tesla’s stock price to completely destroy investors those who bet on the rate falling.

“They want Tesla to die”

This is low speculation should be illegalAsked by Mr Porritt on Friday about his views on this type of investor, Elon Musk claimed.

These are bad people who steal money from small investors. They Want Tesla Dead and will do anything to kill Enterprise, it’s evilhe continued to the jury.

The plaintiffs’ attorney, Nicholas Porritt, said investors have filed a class-action lawsuit against Tesla boss Elon Musk.

Photo: Reuters/PETER DASILVA

His lawyer, Alexander Spiro, assured on Wednesday that Elon Musk intends to delist Tesla and has no doubts about his financial capabilities thanks to the guarantees of the Saudi sovereign wealth fund.

The tweet was written in a hurryit was the choice of words carelessBut not a fakehe had hit with a hammer.

On Friday, a lawyer for the plaintiffs tried to show that Elon Musk and his entourage are well aware of the consequences of his excessive willpower on Twitter. He referenced one of his tweets from July 2018 that he discussed pedo boy an English speleologist who criticized him.

2018 was a difficult year for Tesla

Taking a break from Twitter?asked Mr. Porritt, citing advice from a senior Tesla official and investor. I don’t think so– answered the billionaire.

Twitter is the most democratic way to communicate. This gives all investors, big or small, access to the same information– he said in detail.

Tesla factory in California.

Tesla’s main US factory in California.

Photo: Reuters/Steven Lam

He also said market reactions to his tweets are often unpredictable and took the opportunity to recall how difficult 2018 has been for Tesla.

I slept in the factory not by my will, but by compulsionhe insisted, before adding that listing on the stock exchange was an additional limitation because the company was vulnerable to investor attacks.

Shares of Tesla rose to $386.48 immediately after the tweets. It fell to $335.45 a share on Aug. 16, far from the $420 a share that Musk had listed, according to figures presented to the jury by Judge Edward Chen on Tuesday.

Elon Musk thinks he did nothing wrong

The trial is expected to last three weeks. In a previous ruling in the case, a judge ruled that a popular tweet from 2018 was reviewable. false and deceptive.

One of the complainants, Timothy Fries, said he invested in Tesla the day after the popular tweets. The message on it for him secure funding Elon Musk meant had a committed partner with approved funds.

But in the following days, the share price fell. I lost $5000. I hope to recoup my lossessaid Mr. Fries.

It was a proposal from a billionaire incomplete, inconsistent, and in some ways illusoryon its side, Guhan Subramanian, an expert on company takeovers, was shown by Harvard University professor and its leaders.

The manufacturer quickly abandoned the idea of ​​​​leaving the rating. But the American stock exchange police, the SEC, believed that the boss had not provided evidence of his financing, forced him to resign as chairman of the board, pay a fine of $ 20 million and demanded through tweets. must be pre-approved by an authorized lawyer directly related to Tesla’s activities.

Elon Musk sees this lawsuit as a way to get the SEC to reconsider its decisioncommented Josh White, a former economist at the federal agency. He thinks he did nothing wrong and has every right to say what he wants on Twitter.

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