Tesla CEO Elon Musk took the stand in a California court room Friday to testify in the lawsuit over his controversial 'funding secured' tweet in 2018
A 2018 Elon Musk tweet made it seem as if he'd lined up the financing to pay for a $72B buyout of Tesla. Now he's facing trial in San Francisco.
But he concluded the tweet with two words that have resulted in the CEO having to pay millions of dollars in fines and legal fees: "Funding secured." Tesla shares initially climbed 11% on the day of on his tweet, but they never reached the expected $420 level, reaching a high that day of $387.46. And they soon fell far below their pre-tweet price of $344, hitting $263.24 a month later, as it became clear that the funding was far from secure, prompting the lawsuit.
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