Shares of Tesla and Twitter have tumbled this week as investors deal with the fallout and potential legal issues surrounding Tesla CEO Elon Musk and his $44 billion bid to buy the social media platform.
Also Wednesday, a federal judge in California handed a group of Tesla shareholders a major victory, unsealing his ruling that Musk falsely and recklessly tweeted in 2018 that he had funding secured to take Tesla private when the deal wasn’t final. The tweets pushed up Tesla’s share price at the time.
At the time of the Aug. 7, 2018 tweets, Musk was in talks with the Saudi Public Investment Fund about bankrolling the deal. But Judge Edward Chen determined that it wasn’t final when Musk tweeted: “Am considering taking Tesla private at $420. Funding secured.” “There had been no discussion about what the purchase price would be for a share of stock. Nor had there been any discussion about what percentage of the company the PIF would own or the total amount of money the PIF would contribute,” Chen wrote in his ruling.
The August 2018, tweets already have landed Musk in legal trouble. The SEC brought a securities fraud charge,
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