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Tesla CEO Elon Musk Faces Trial Over A Tweet Which "Manipulated The Stock Market"

1 year agoSat, 14 Jan 2023 07:30:02 GMT
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Tesla CEO Elon Musk Faces Trial Over A Tweet Which "Manipulated The Stock Market"

Elon Musk, the CEO of electric car giant Tesla, will face trial on Tuesday over allegedly manipulating the stock market with a 2018 tweet which claimed that he had sufficient funding to take Tesla private, causing a whirlwind in the company’s share price.

Musk was swiftly sued by shareholders for allegedly costing them billions of dollars with the Twitter post that said funding was “secured” to buy out the company’s shareholders.

Judge Edward Chen on Friday refused to transfer the proceedings to Texas, the southern state where Musk moved Tesla’s headquarters and jury selection is scheduled to begin on Tuesday, AFP reported citing a spokesperson for the court.

Defence lawyers had argued that Elon Musk would be denied a fair trial in San Francisco, where most of the fired Twitter workers reside.

According to Bloomberg, Judge Chen expressed confidence at the hearing that impartial jurors could be chosen.

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Musk’s short tweet in 2018 has already attracted the attention of authorities. 

The US stock market regulator, the Securities and Exchange Commission, ordered that Musk step down as chairman of the board of Tesla and pay a fine of US$20 million.

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7 Comments

Machiavelli · 1 year ago
@BSc Economics, In business there is what is called Ethics. If indeed you are a BSc Economics, you must have had a module on the subject
great wonders academy · 1 year ago
yendaoswira gogo wako
King Kong Lovejoy John kabudura Ali Tito chibadura · 1 year ago
Elon wapera I bet you in 25 yrs I'll be a trillionaier
The revelation · 1 year ago
If this was Africa everyone will be calling it injustice but if it's the US it's called law.
Machiavelli · 1 year ago
Elon Musk is another in the same mould as Donald Trump. Abrasive and self-centred. The Tesla saga aside, he almost wiggled out of the Twitter deal to avoid paying the hefty offer he had made. He was only perfecting the art of monetary fraud that he had commenced at Tesla- to boost his own image, finances and stocks at the expense of other shareholders. Twitter now is a pale shadow of itself. and The Musk Factor is breeding competition that could lead to the decline of Twitter influence and bottom line. As a fellow commentator has said, Elon maybe Tyranosaurus Rex, but we all know what eventually happened to T-Rex - it went extinct.
Anonymous · 1 year ago
All living things born will eventually die. Even you and me! Rest in peace in advance my guy. It's obvious by 2090 everyone here on pindula will be dead
Fimbasy 🧠 · 1 year ago
@Anonymous shut up, you know nothing about life and death
BSc (Economics) · 1 year ago
Wht Elon is doing is called strategic thinking. He manipulated the stock value using a twit and his influence which most of you can not do because you don't have influence. It's called business. Remember Elon is not a pastor or priest he is a businessman in business you cheat if there is room for doing tht. Elon dd not become a billionaire by mistake. Which f, o, o, l, s like you dnt know
great wonders academy · 1 year ago
20 million fine.......ma one
Anonymous · 1 year ago
Elon Musk is a T Rex. No matter what happens. He will always make it

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