Musk will try to defend himself against claims of securities fraud over 2018 tweets saying he had secured funding to take Tesla private in a trial that began this week in a San Francisco federal court.
Jan. 17, 2023 with jury selection in U.S. District Court in San Francisco.
Investors who brought a class-action lawsuit claim Musk had not in fact lined up the money to take Tesla private in 2018. Investors accuse Musk for allegedly committing securities fraud, claiming he knew he did not have the funding to take the company private when posting the 2018 tweets but did so as an attempt to manipulate Tesla's stock price and ruin plans for short-sellers.that Musk's statements were inaccurate and reckless, significantly damaging his and Tesla's legal defense.
The trial comes at a time when shareholders are losing faith in Musk and it is expected to shed some light on his management style from a witness lineup that includes top Tesla executives and Silicon Valley stars, such as Oracle co-founder Larry Elison and James Murdoch, the son of media mogul Rupert Murdoch, perThe trial may also shed light on Musk’s relationship with his brother, Kimbal, who is also on the list of potential witnesses.
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