SAN FRANCISCO — Elon Musk, Tesla Inc’s chief executive, testified on Friday that investors do not always react to his Twitter messages as he expects, defending…
Musk’s testimony began with questions about his use of Twitter, the social media platform he bought in October. He called it the most democratic way to communicate but said his tweets did not always affect Tesla stock the way he expected.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The case is a rare securities class action trial and the plaintiffs have already cleared high legal hurdles, with U.S. Judge Edward Chen ruling last year that Musk’s funding post was untruthful and reckless.Musk, wearing a dark suit over a white button-down shirt, spoke softly and in a sometimes bemused manner, a contrast to his occasional combative testimony in past trials.
Earlier on Friday, Tesla investor Timothy Fries told the jury that he lost $5,000 buying Tesla stock after Musk sent the tweet, which sparked volatile swings in Tesla’s stock.
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