Opening statements begin Wednesday in a trial that will determine whether Tesla CEO Elon Musk cheated investors by asserting in 2018 tweets that he had lined up financing to take the electric automaker private.to explain his thinking while engaged in one of his favourite activities – tweeting on the Twitter service that he now owns.
He has since contended that he entered the settlement under duress and maintains that he believed he had locked up financial backing for the buyout during meetings with representatives from Saudi Arabia’s Public Investment Fund. The trial’s outcome may turn on the jury’s interpretation of Musk’s motive for the tweets, which U.S. District Judge Edward Chen has already decided were false.
At one point, the judge flagged some prospective jurors who had expressed extreme misgivings or enthusiasm about Musk in pretrial questionnaires. Seven jurors were questioned individually, away from the rest of the jury pool, to reduce the chances of influencing the opinions of others in the courtroom.
Those concerns contributed to a 65 per cent per cent decline in Tesla’s stock last year that wiped out more than $700-billion in shareholder wealth – far more than the $14-billion swing in fortune that occurred between the company’s high and low stock prices from Aug. 7 to Aug. 17, 2018, the period covered in the lawsuit.
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