Elon Musk takes the stand to defend controversial tweets in 2018. Here's what to know about the trial so far
“Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote,” MuskAt the time of the tweets, Tesla’s stocks had been doing poorly—one of the most heavily shorted stocks on the market—and the company was experiencing widespread. Musk’s Tweets caused an immediate surge and seemingly caused a rally in the company’s stock prices for the next 10 days until Musk said that there would be no buyout.
Not long after the buyout fiasco in 2018, Tesla’s production picked up and subsequently, so did its shares. The company was manufacturing enough cars that its stock soared, and in 2021 Musk became the Former Tesla shareholders have already begun testifying that amid all the chaos that week in 2018, many of them sold off their stocks and saw significant dips in the shares they kept. U.S. District Judge Edward Chen is presiding over the trial and ruled that the plaintiffs can’t bring up Musk’s $40 million settlement.
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