Elon 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. 9News
The tweet resulted in a US$40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court for about a half hour Friday to deliver sworn testimony in front of a nine-person jury and a full room of media and other spectators.
Musk's latest headache stems from the inherent brevity on Twitter, a service that he has been running since completing his US$44 billion purchase of it in October. After it became apparent that the money wasn't in place to take Tesla private, Musk stepped down as Tesla’s chairman while remaining CEO as part of the Securities and Exchange Commission settlement, without acknowledging any wrongdoing.
Even before Musk took the stand, U.S. District Judge Edward Chen had declared that the jurors can consider those two tweets to be false, leaving them to decide whether Musk deliberately deceived investors and whether his statements saddled them with losses.
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