A Silicon Valley judge began questioning potential jurors Tuesday to hear allegations that Elon Musk cheated Tesla investors by claiming in a 2018 tweet that he had lined up financing to take the electric automaker private.
The tweets fueled a rally in Tesla’s stock price that abruptly ended a week later after it became apparent that Musk did not have the funding for a buyout after all. Investors then sued him, saying that Tesla shares would not have swung so widely in value if he had not dangled the prospect of buying the company for $420 per share.Musk’s tweet also attracted the attention of securities regulators, who concluded that it was improper.
But the buyout never materialized, and now Musk will have to explain his actions under oath in a federal court in San Francisco. The class-action lawsuit was filed on behalf of investors who owned Tesla stock for a 10-day period in August 2018. Before Chen summoned 52 people for the jury selection process, a lawyer for Musk reiterated his concerns about potential bias.
Those concerns contributed to a 65% percent decline in Tesla’s stock last year that wiped out more than $700 billion in shareholder wealth — far more than the $14 billion swing in fortune that occurred between the company’s high and low stock prices from Aug. 7 to Aug. 17, 2018, the period covered in the lawsuit.
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