HAPPENING NOW: Elon Musk takes witness stand in trial over tweets made in 2018 claiming he secured funding to take Tesla private
U.S. securities regulators are asking a federal court to oust Tesla Inc.'s Elon Musk as chairman and CEO, alleging in a complaint that he committed securities fraud. KTVU's Paul Chambers reports.2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.
The nine-person jury assembled earlier this week will be responsible for deciding whether a pair of tweets that Musk posted on Aug. 7, 2018 damaged Tesla shareholders during a 10-day period leading up to a Musk admission that the buyout he had envisioned wasn’t going to happen.Shares of Tesla slipped on the first day of trading after the electric vehicle maker said it won't consider going private after all.
Even before Musk took the stand, U.S. District Judge Edward Chen had declared that the jurors can consider those two tweets to be falsehoods, leaving them to decide whether Musk deliberately deceived investors and whether his statements saddled them with losses.
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