“Just because I tweet something does not mean people believe it or will act accordingly,” Musk told the jury in San Francisco federal court.
He is expected to address why he has insisted he had Saudi investor backing to take Tesla private, which never occurred, and whether he knowingly made a materially misleading statement with his tweet.and the plaintiffs have already cleared high legal hurdles, with US Judge Edward Chen ruling last year that Musk’s post was untruthful and reckless.
Musk described the difficulties the company went through around the time he sent the “funding secured” tweet. He discussed the challenges the company faced at the time, including bets by short-sellers that the stock would fall.Earlier on Friday, Tesla investor Timothy Fries told the jury on Friday that he lost $5,000 buying Tesla stock after Musk sent the tweet at the center of the lawsuit.
Guhan Subramanian, a Harvard Law School professor, told the jury that Musk’s behavior in 2018 was “unprecedented” and “incoherent” in structuring a corporate deal because he went public with his intent to buy Tesla without proper financial or legal analysis.
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