Judge: Musk’s tweets on Tesla funding reckless

Source: Al Jazeera [Qatar state media]

“A US court has ruled that Elon Musk’s 2018 tweets saying funding had been secured to take Tesla private were inaccurate and reckless, delivering a major victory to investors who alleged the billionaire artificially inflated stock prices. US District Judge Edward Chen of San Francisco found that ‘there was nothing concrete’ about financing from Saudi Arabia’s sovereign wealth fund at that time. … The judge refused to grant shareholders summary judgement on the question of whether or not the allegedly false statements actually impacted Tesla’s share prices. Musk’s lawyer, who has filed motions to undo the court decision, was not immediately available for comment. Musk said recently that funding was actually secured to take Tesla private in 2018.” (05/11/22)