Opening arguments are expected in court over investor claims the billionaire misled them about taking the carmaker private.
| It took only a couple of tweets to plunge Elon Musk into the morass of a securities fraud trial that could cost him billions of dollars from his rapidly diminishing fortune.is set to be the star witness at a jury trial that starts on Tuesday in San Francisco federal court over his infamous tweets more than four years ago about a plan to take the electric-car maker private with “funding secured”.
“Elon enjoys a good fight,” Mr Pritchard said. “He has a lot of money, and is apparently willing to take substantial risks with that money.”, all while he spent $US44 billion to acquire Twitter.Last month, he was dethroned as the world’s richest person and Tesla’s stock plummeted 37 per cent since December 1, with the electric-car maker facing increased competition and a looming recession.
US District Judge Edward Chen has already hobbled Mr Musk with a pretrial ruling that the tweets were reckless and false - and he will tell the 12-member jury to assume that from the get-go, to set the parameters of the trial.
A lawyer for Mr Musk declined to comment before the start of the trial and an attorney for the shareholders didn’t respond to a request for comment.Mr Musk has insisted his short-lived plan to take Tesla private was solid based on discussions he had with Saudi Arabia’s sovereign wealth fund. He subpoenaed the governor of the Kingdom’s Private Investment Fund to testify at the trial, but withdrew the request after attorneys for Yasir Al-Rumayyan argued he isn’t legally obligated to show up.
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