San Francisco | Elon Musk has admitted in a US court that he ignored his advisers and investors when tweeting about Tesla securing funding in 2018. When asked if he had ignored the pleas of his well-wishers, Musk briefly said during a court hearing on Friday in an ongoing class-action lawsuit by Tesla investors, “I think I tweeted.” Continued to do so, yes.
The billionaire was also asked to describe the relationship between his tweets and Tesla’s retail investors, reports The Verge.
He told the court, I care a lot for retail investors. are our most loyal and steadfast investors.
He said that short selling should be made illegal.
In my opinion, this is a means for the bad guys on Wall Street to steal money from small investors, Musk said. not good.
Musk’s controversial 2018 tweet on taking Tesla private cost him billions.
The plaintiffs have argued that Musk’s tweets about taking Tesla private, in which he said the money was safe, caused them millions of dollars in damages.
Musk tweeted in August 2018, considering taking Tesla private for $420. Funding secured.
The shareholders can either sell at 420 or hold the shares and go private, he said.
His tweet cost him his role as Tesla’s chairman.
The August 2018 tweets led to Musk and Tesla reaching a settlement with the US SEC on fraud charges.
The settlement included $40 million in penalties, to be split equally between the company and Musk, and Musk was removed as chairman of the Tesla board.(IANS)
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