Tesla CEO and new Twitter owner Elon Musk attempted to downplay the impact of his Twitter account during a fraud trial related to his infamous 2018 “funding secured” tweet. Musk told the jury, “Just because I tweet about something doesn’t mean people believe it or will act accordingly.”
Bloomberg reports that Elon Musk, the CEO of Tesla, appeared in a federal court in San Francisco on Friday to defend himself against claims that his tweets about taking the company private in 2018 amounted to lies that resulted in significant losses for investors.
Musk argued that the tweets did not directly impact the stock price, saying, “It’s difficult to say the stock price is linked to the tweet. Just because I tweet about something doesn’t mean people believe it or will act accordingly.”
In the trial, the jury will have to decide Musk’s emotional state at the time of the tweets and whether they had any impact on investor trading. Musk responded to the investor’s lawyer’s question about whether he needs to be accurate in his tweets by saying that he’s giving the public “information the public should hear,” but that there’s only so much that can be said in 240 characters on Twitter.
Musk’s more relatable side was revealed when he told the jury that 2018 was an “extremely painful and difficult year” and claimed that “the sheer level of pain to make Tesla successful in the 2017-2019 period was excruciating for me and many others.” He also reaffirmed his support for outlawing short-selling, saying that those who engage in it wanted Tesla to “die very badly” and the stock to decline.
Despite being hurried and containing technical errors, Musk’s lawyers contended during opening statements that his tweets accurately conveyed his sincerity about taking Tesla private due to conversations he allegedly had with Saudi Arabia’s sovereign wealth fund. Musk is anticipated to claim in testimony that the short-lived plan to take Tesla private was a feasible one.
The trial takes place after Musk’s wealth, which peaked at $340 billion in November 2021, has cratered. He recently lost his position as the richest person in the world, and Tesla’s stock price has fallen by 33 percent since December 1. Musk has set a Guinness world record for the largest fortune lost.
Musk has battled in court before and has earned the moniker “Teflon Elon” for his ability to come out unscathed. He has already testified in court and won cases in Delaware and Los Angeles in 2019 and 2021, respectively. In November, he also provided testimony in a Delaware investor case involving his $55 billion compensation package from Tesla, but that case has not yet been resolved.
Since recent layoffs at Twitter and “local negativity,” Musk attempted to relocate the trial from San Francisco. The request was turned down by US District Judge Edward Chen, who expressed confidence that an “impartial” jury would be selected.
Two Tesla investors have already testified in front of the jury, claiming that Musk’s tweet from August 7, 2018, convinced them to bet on the stock, which resulted in significant losses. Tim Fries, a shareholder and father of three college-age children, recalled how the tweet inspired him to purchase 50 shares the following day for $18,000. The stock fell, and he lost $5,000.
Read more at Bloomberg here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan