Musk did not need Tesla board to review buyout tweets, directors testify

The trial is testing whether Elon Musk, the world's second-richest person, can be held liable when his sometimes impulsive use of Twitter rubs up against U.S. Securities and Exchange Commission rules about corporate disclosures.

James Murdoch, son of media tycoon Rupert Murdoch, told the jury the tweets were consistent with what he knew about Musk's talks with Saudi Arabia's sovereign wealth fund, the Public Investment Fund. Musk testified last week that "funding was absolutely not an issue." He acknowledged, however, that he did not have binding agreements with investors for specified amounts, leaving it to the jury to decide if he misled shareholders.

The jury will decide whether the Tesla CEO artificially inflated the company's share price by touting the buyout's prospects, and if so, by how much.

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Elon Musk's Tesla tweet trial delves into investor damagesSAN FRANCISCO (AP) — An Elon Musk tweet declaring he had the financing to take Tesla private in 2018 caused billions of dollars in investor damages after the deal collapsed, according to estimates presented Tuesday at a trial examining the haphazard handling of the buyout proposal. Sue him for damages! and Elon's downward spiral continues AP has already convicted Musk in its court of public opinion.
Source: AP - 🏆 728. / 51 Read more »

Elon Musk Tesla tweet trial delves into investor damages up to $11 billion - AutoblogAn Elon Musk tweet caused billions of dollars in investor damages after the deal collapsed, according to estimates presented at trial. $11B... lol. That's joke money compared to the damage he's done in the last 11 months.
Source: therealautoblog - 🏆 528. / 51 Read more »