Elon Musk is essentially doubling down after suffering an initial setback last year, when the judge in San Francisco federal court ruled that his tweet was ‘false’ and ‘reckless’
Musk is essentially doubling down after suffering an initial setback last year, when the judge in San Francisco federal court ruled that his tweet was “false” and “reckless.” As a result, the jury will need to determine only if the statements impacted Tesla’s share prices, if Musk acted knowingly, and the amount of any damages.
Eduard Korsinsky, an attorney who represents the class of investors who alleged billions of dollars in losses, called the case “exceptionally strong.” Tesla and Musk settled with the Securities and Exchange Commission in 2018, denying wrongdoing. Musk surrendered the Tesla chairman position and agreed to let a company lawyer vet some of his tweets. In a separate case, he has asked an appeals court in New York to end Tesla’s oversight of his speech online.
Also last year he spent months fighting an ultimately losing battle to wriggle out of his deal to buy Twitter and he defended his $56-billion Tesla pay in a bench trial. Both of those were in the same Delaware court and a ruling is expected later this year on his pay package. Around half are dismissed for failing to comply with securities law and most of the rest are settled.
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