Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, on March 22, 2022.SAN FRANCISCO - A court said that Elon Musk's 2018 tweets that funding was secured to take Tesla private was inaccurate and reckless, saying "there was nothing concrete" about financing from Saudi Arabia's sovereign wealth fund at that time.
In 2018, Musk met with representatives of the Saudi Arabia's Public Investment Fund and had a discussion about taking Tesla private, but evidence shows that "there was nothing concrete about funding coming from the PIF," the judge wrote."No reasonable jury could find that Mr. Musk did not act recklessly given his clear knowledge of the discussions," he said.
The summary judgment, made on April 1, was sealed for more than a month before it was publicly available on Tuesday . He said it is are that class action plaintiffs get summary judgment on falsity and scienter before going to a jury trial, scheduled in January.The remaining issue is what damages the intentionally false statement has caused to shareholders, he said.
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