Elon Musk claimed in a 2018 tweet that he had lined up the financing to pay for a $72 billion buyout of Tesla. But the buyout never materialized.
the electric automaker where he continues to serve as CEO and from which he derives most of his wealth and fame.
Musk’s tweets back then fueled a rally in Tesla’s stock price that abruptly ended a week later, after it became apparent that he didn’t have the funding for a buyout after all. That resulted in him scrapping his plan to take the automaker private, culminating in a $40 million settlement with U.S. securities regulators that also required him to step down as the company’s chairman.
Chen dealt Musk another setback on Friday, when he rejected Musk’s bid to transfer the trial to a federal court in Texas, where Tesla moves its headquarters in 2021. Musk had argued that negative coverage of his Twitter purchase had poisoned the jury pool in the San Francisco Bay Area.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk, Tesla Poised for Trial Over 2018 Tweets Proposing to Take Car Maker PrivateElon Musk is headed to court in a securities-fraud trial over tweets from 2018 in which he floated the possibility of taking Tesla private, with in-person jury selection poised to begin Tuesday
Read more »
Elon Musk denied bid to move Tesla tweet trial to Texas, federal judge rulesA federal judge has ruled that Elon Musk cannot move a trial over a misleading tweet from California to Texas, the home of Tesla, where he remains CEO.
Read more »
Here's what's at stake in Elon Musk's Tesla tweet trialIn 2018, Musk tweeted he had secured enough funding to take Tesla private, but a deal never materialized. A trial over the risk he brought to shareholders could further tarnish the CEO's reputation.
Read more »
Here's what's at stake in Elon Musk's Tesla tweet trialIn 2018, Musk tweeted he had secured enough funding to take Tesla private, but a deal never materialized. A trial over the risk he brought to shareholders could further tarnish the CEO's reputation.
Read more »
Tomlinson: GM’s new Hummer challenges Elon Musk and TeslaTomlinson: GM’s new Hummer and other EVs pose challenge to Elon Musk and Texas's oil industry
Read more »