Musk Recklessly Tweeted About Privatizing Tesla, Judge Says
By Hannah Albarazi (May 11, 2022, 9:48 PM EDT) -- Elon Musk's August 2018 tweets claiming he had secured funding to take Tesla Inc. private were inaccurate and reckless, a California federal judge has ruled, finding that "there was nothing concrete" about financing from Saudi Arabia's sovereign wealth fund at the time.
In an April 1 order unsealed Tuesday, U.S. District Judge Edward Chen granted partial summary judgment to Tesla investors in a consolidated securities class action alleging CEO Musk inflated the electric-auto maker's stock prices by posting false and misleading statements on Twitter, causing billions of damages.
Musk — who recently inked a deal to buy Twitter for $44 billion —...
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