While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he didn’t.
But the buyout never materialized and now Musk will have to explain his actions under oath in a federal court in San Francisco. The trial, which begins on Tuesday with jury selection, was triggered by a class-action lawsuit on behalf of investors who owned Tesla stock for a 10-day period in August 2018.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.
The trial’s outcome may hinge on the jury’s interpretation of Musk’s motive for tweets that U.S. District Judge Edward Chen has already decided were a falsehood. Musk’s leadership of Twitter — where he has gutted the staff and alienated users and advertisers — has proven unpopular among Tesla’s current stockholders, who are worried he has been devoting less time steering the automaker at a time of intensifying competition.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk's Twitter deliberately cut off Tweetbot, other apps: reportTwitter deliberately suspended Tweetbot and other third-party apps, forcing people to use the platform's official app, report says
Read more »
Elon Musk just changed his Twitter bio to 'state-affiliated media'Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Third-party Twitter apps are broken, and Elon Musk is silentSome of the most popular Twitter third-party clients are not working as they can't connect to the company's service. Musk is silent.
Read more »
Taliban Officials & Supporters Buy Blue Ticks On Elon Musk’s TwitterTaliban officials and supporters have been buying blue ticks on free speech warrior Elon Musk’s Twitter. According to a BBC investigation, at least two Taliban officials and four prominent su…
Read more »
Elon Musk drama shifts from Twitter, to tweets about TeslaLong before beleaguered billionaire Elon Musk purchased Twitter in October, he had set his sights on Tesla, the electric automaker where he serves as CEO and from which he derives most of his wealth and fame.
Read more »
Elon Musk drama shifts from Twitter to Tesla tweetsWhile still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a San Francisco trial over a company he didn't.
Read more »