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The trial of the billionaire.. Elon Musk responds to his accusation of fraud

The economy of the billionaire trial.. Elon Musk responds to his accusation of fraud Updated Tuesday 1/24/2023 01:24 AM Abu Dhabi time Elon Musk tried, on Monday, to convince the court that the famous tweet he published in 2018 regarding his desire to remove Tesla from the stock exchange, were not misleading or fraudulent. Musk is on trial over a 2018 tweet about the possibility of taking Tesla private in a $72 billion deal. Tesla shareholders filed a lawsuit against Musk, accusing him of manipulating the company’s share price. The head of Tesla – and Twitter since the end of October – caused a surprise on August 7, 2018, by announcing his intention to withdraw his group from the stock exchange when its share price reaches $ 420. And Monday, Musk said in front of the San Francisco court, where the trial is taking place, “I did not say that it was done, I was just saying that I was studying it, that I was thinking about it. And in my opinion, the funding was secure.” Last week, the plaintiffs’ lead attorney, Nicholas Porritt, accused Musk of “lying” and being responsible for investor losses. Shares of the electric car maker, which rose to $386,forty eight, dropped on August 16 to $335,Forty five, according to figures presented to the jury by Judge Edward Shen. And news reports revealed that Musk didn’t really have the money. Tesla remained listed on the stock exchange. The prosecution sought to show that the Tesla chief had neither the necessary elements nor the authority to make such a controversial announcement, especially on Twitter and during the market opening. The trial is expected to last three weeks. In a previous ruling related to this case, a judge ruled that the famous 2018 tweet could be considered “false and misleading”. Shareholders said they lost billions of dollars over the tweet after the share price plunged. And if a San Francisco jury rules in favor of the shareholders, Musk could be ordered to pay billions of dollars in damages. Legal experts said they believed it would be difficult for Musk to win the case, noting that he had paid a $20 million fine to the US Securities and Exchange Commission, which could be used against him in this case. Tesla, in turn, had to pay another $20 million in the same case.

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