Tesla investor seeks ‘billions’ in damages on behalf of those who traded stock after Musk posted plan to take company private
While the plaintiffs portrayed Musk as a reckless liar who caused “regular people” to lose millions, the defense team for the tech billionaire painted him as a well-intentioned visionary, who merely used the “wrong words” in describing the deal.
He said he sold most of his holdings to cut his losses but still saw the value of his Tesla portfolio plunge by 75%.The case may hinge on whether Musk knowingly drove up Tesla’s share price with his 2018 tweets, saying he was securing funding to take the company private in what would have been a $72bn buyout. The stock collapsed a week later, when it became clear that he didn’t have the financial backing to pull off the deal.
During Tuesday’s jury selection, some potential jurors described the chief executive, who has gained a reputation for the unpredictable, as “narcissistic”, “unpredictable” and “But Musk’s attorney Alex Spiro said the controversial chief executive was “serious” about the deal. During cross-examination, a lawyer for Tesla’s board of directors repeatedly questioned whether Littleton had legitimate reason to believe a buyout was inevitable, but the investor remained steadfast.
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