Elon Musk Testifies That His -s Did Not Drive Tesla’s Inventory Value

In his testimony, Mr. Musk stated he thought Twitter was “the easiest way to speak with folks,” together with “traders, massive and small.” He additionally stated he used Twitter to share memes, a remark that drew laughter from some folks watching the trial.

Mr. Musk additionally acknowledged that in July 2018 his associates and pals, together with a Tesla director on the time, Antonio Gracias, steered that he take a break from Twitter. That summer time was filled with “excessive pains,” Mr. Musk stated, as a result of Tesla was struggling to extend manufacturing of its most inexpensive automobile, the Mannequin 3. Earlier than Mr. Musk talked about taking Tesla non-public on Twitter, he made a baseless declare {that a} British diver concerned in a cave rescue in Thailand was a “pedo man.”

When requested whether or not he heeded their recommendation, Mr. Musk answered: “I suppose I continued to tweet.”

His posts have been intently adopted and analyzed by traders and others within the firm and electrical vehicles.

On the witness stand, Glen Littleton, one of many traders and a plaintiff within the case, stated on Wednesday that Mr. Musk’s first assertion on Twitter about taking the corporate non-public appeared definitive. Because of this, Mr. Littleton stated he started buying and selling choices.

“It was going to just about wipe me out,” stated Mr. Littleton, 71, referring to Tesla going non-public. “I needed to make sure my livelihood. This represented a risk to my livelihood.”

Timothy Fries, one other investor and plaintiff within the case, testified on Friday that Mr. Musk’s first assertion on Twitter appeared to current a superb alternative to put money into Tesla. He purchased shares within the firm the subsequent day.

“I wasn’t able to buy shares till I noticed the tweet,” Mr. Fries stated. He thought that the deal was nonetheless being negotiated however that Mr. Musk’s put up meant “there was a dedicated occasion and people funds had been vetted.”

Elon Musk Testifies That His -s Did Not Drive Tesla’s Inventory Value – EAST AUTO NEWS


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