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Musk's Aug. 7, 2018 tweets sent Tesla stock soaring and after they fell back down, shareholders sued, alleging they lost money. But board members James Murdoch and Ira Ehrenpreis each said the tweets did not need to be vetted by the company before Musk sent them because he had done so in his individual capacity. The stock price soared after the tweet and then fell as it became clear the buyout would not happen. Tesla shareholders say they lost billions of dollars on their investments in stocks and other securities of the company. The buyout deal never came together because investors, particularly retail shareholders, expressed their interest in keeping the company public, according to testimony by Musk.

Companies Tesla Inc FollowFeb 1 (Reuters) - Tesla Inc (TSLA.O) board members are expected to take the stand on Wednesday to defend against claims that Elon Musk misled investors when he tweeted in 2018 he had "funding secured" to take the company private. The trial in San Francisco federal court is testing whether the world's second-richest person can be held liable for his sometimes impulsive use of Twitter. The defendants, which include Musk, Tesla, and current and former directors, are expected to begin calling witnesses on Wednesday. Current Tesla directors Kimbal Musk, and James Murdoch and Ira Ehrenpreis may testify about their communications with Musk about his proposed buyout, according to court documents. Musk told the jury last week he could have financed the potential deal from existing Tesla investors as well as Saudi Arabia's sovereign wealth fund, the Public Investment Fund.

[1/2] Tesla vehicles are shown at a Tesla service center in San Diego, California, U.S., January 13, 2023. Tesla board Chair Robyn Denholm is a defendant in the lawsuit alongside Musk, Tesla and other directors. At the time of the tweets, Denholm led Tesla's audit committee, which oversees company controls meant to ensure compliance with securities law. Musk told the jury earlier this week he could have financed the potential deal from existing Tesla investors as well as a Saudi wealth fund. The "funding secured" tweet came as a surprise to him, as Goldman, which had long worked with Tesla, was not involved in the deal.

Musk ended three days on the stand defending against claims that he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private. The trial in San Francisco federal court is testing whether the world's second-richest person can be held liable for his sometimes impulsive use of Twitter. Musk, however, acknowledged he did not have binding agreements with investors, leaving it to the jury to decide if he misled shareholders. The Saudi fund did not immediately respond to a Reuters request for comment. But when questioned by Nicholas Porritt, a lawyer for the investors, Musk said he did not have binding agreements for financing from any interested party.

Musk is defending against claims he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed." Musk testified for about five hours on Monday and for less than 30 minutes on Friday. Tesla's stock price surged after Musk's 2018 tweets, only to fall as it became clear the buyout would not happen. Musk testified that when tweeting about the financing, he was saying "not that it will happen, but that I am thinking about it," and that it was his "opinion" that funding was secured. Musk said the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private.

Companies Tesla Inc FollowJan 24 (Reuters) - Elon Musk will take the stand on Tuesday in San Francisco, after telling a jury on Monday that he had locked up financial support in 2018 to take his electric car maker Tesla Inc (TSLA.O) private. Musk is defending against claims he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed." "With SpaceX stock alone, I felt funding was secured" for the buyout, Musk told a jury on Monday, referring to the aerospace company where he is also chief executive officer. Tesla's stock price surged after Musk's 2018 tweets, only to fall as it became clear the buyout would not happen. Musk said the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private.

Musk is defending against claims he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed." He has testified that he chose not to take Tesla private due to a lack of support from some investors and a wish to avoid a lengthy process. A jury of nine will decide whether the Tesla CEO artificially inflated the company's share price by touting the buyout's prospects, and if so by how much. In addition, Musk testified on Monday that he met on July 31, 2018, with representatives of the Public Investment Fund at Tesla's factory in Fremont, California. Musk said the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private.

[1/5] Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. He added later that he chose not to take Tesla private due to a lack of support from some investors and a wish to avoid a lengthy process. Musk told the investors' lawyer Nicholas Porritt that he met on July 31, 2018, with representatives of Saudi Arabia's sovereign wealth fund, the Public Investment Fund, at Tesla's factory in Fremont, California. That never came to pass, Musk said, because the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private. "I was very upset because he had been unequivocal in his support for taking Tesla private when we met and now he appeared to be backpedaling," Musk testified.

"PIF unequivocally wanted to take Tesla private," he testified. Musk subsequently said that Yasir Al-Rumayyan, governor of the fund, later backpedaled on the commitment to take Tesla private. "I was very upset because he had been unequivocal in his support for taking Tesla private when we met and now he appeared to be backpedaling," Musk testified. Tesla's stock price surged after Musk's tweets, and later fell as it became clear the buyout would not materialize. Musk testified calmly, in contrast to his occasional combative testimony in earlier trials.

Tesla's stock price surged after Musk's tweets, and later fell as it became clear the buyout would not happen. A jury of nine will decide whether the billionaire artificially inflated Tesla's share price by touting the buyout's prospects, and if so by how much. "It was chosen because it was a 20% premium over the stock price," he testified. Musk testified calmly, in contrast to his occasional combative testimony in earlier trials. The defendants also include current and former Tesla directors, whom Spiro said had "pure" motives in their response to Musk's plan.

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