The trial over the class-action lawsuit begins Tuesday with jury selection in San Francisco federal court.
Tesla shareholders are seeking unspecified financial damages. The plaintiffs allege that Musk caused billions of dollars in losses with the Aug. 7, 2018 tweet in which he claimed to have “funding secured” to take Tesla private at $420 per share. The purported deal never materialized.
Jurors will assess whether Musk’s actions directly caused financial harm, potentially putting the Tesla CEO on the hook for a major payout to impacted shareholders.Jury selection in the Tesla trial begins Tuesday.Musk’s team asserted that the potential jury pool in the city was biased due to the polarizing response of his $44 billion takeover of Twitter, which is headquartered in San Francisco.
“For better or worse, Musk is a celebrity who garners attention from the media around the globe,” the shareholders’ attorneys said in a court filing. “His footprint on Twitter alone is partially to blame for that. If ‘negative’ attention was all that was required to disqualify a jury pool, Musk would effectively be untriable before a jury given his knack for attracting ’negative” coverage.”Tesla shareholders say Elon Musk’s tweet cost them billions.
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 Faces Trial for Alleged Fraud Over 2018 Tesla Buyout TweetsElon 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 and now Musk will have to explain his actions under oath in a federal court.
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 »