In a San Francisco federal courtroom, a jury was given very specific instructions by a judge. They were told their job within the next three weeks isn’t to determine whether Tesla CEO Elon Musk’s 2018 tweets about taking the company private were false.
, or the required state of mind to be held liable for certain actions, is central to white collar crimes like fraud.: Musk’s trial kicked off on Wednesday, with both sides’ opening statements to the jurors. Importantly, the jury is to assume that Musk’s tweets were false statements, and he acted recklessly in posting them.these statements were false, as well as whether they were material. That is, could influence investors’ actions, and caused financial damage.
He added: “Because of the circumstances, because of the leak [in the press about a possible take-private deal], because Mr. Musk was thinking out loud, he tweeted the wrong words. In his mind, funding was secured.”: “Scienter is [a] really straightforward concept: It denotes the fact that conduct is intentional and meant to be done,” Dorsey & Whitney partner Thomas Gorman tells Axios.
In some cases, merely proving that the defendant acted extremely recklessly — that is, with disregard of whether their statements are true — is enough to prove scienter.“At trial, the way you prove that somebody knew a thing or recklessly acted is through emails,”
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