Saturday, February 4, 2023

Musk announces third day in Tesla investor lawsuit

SAN FRANCISCO ( Associated Press) – Elon Musk returned to federal court in San Francisco Tuesday as a witness in a class action lawsuit brought by Tesla investors who allege he misled them with a tweet Was.

The 51-year-old billionaire has resumed his strident defense centered on two tweets in 2018 in which he said he raised money to delist Tesla under cross-examination by his attorney, Alex Spiro.

When questioned on Monday by a lawyer for Tesla shareholders, Musk became combative, angry and agitated. Musk has consistently insisted that he secured financial backing for a $72 billion buyback of Tesla in 2018 during meetings with representatives of the Saudi Arabian Private Investment Fund, although no amount or price was mentioned.

Texts and emails showed the Saudi fund representative never promised funding for the Tesla buyout, Musk argued, the statement of someone trying to backtrack on an earlier commitment made in private conversations. were.

He also said he could easily sell part of his holdings in SpaceX, a space rocket factory, to pay for the Tesla buyback, which he didn’t mention publicly when he proposed the transaction.

In the class action lawsuit, investors allege that Musk, who has since bought Twitter for $44 billion, misled them with a tweet saying he offered to buy back his electric car company at $420 a share. Money is secured. But the transaction never happened and Tweet was settled with a $40 million payment to the regulator.

Nation World News Desk
Nation World News Desk
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