The case of the scandalous tweet posted by Elon Musk in 2018 continues with a new ruling that will benefit those investors who condemned the mogul for the stock price drastic change. District Judge Edward Chen noted that publication in which Musk, you will remember, claimed that he would buy back shares of Tesla in order to take this company private, was inaccurate. Chen also concluded that “no reasonable jury can conclude that Mr. Musk did not act recklessly“.
In accordance with Bloombergthe conclusion was handed down a few weeks ago via a lawsuit, but the verdict is still being kept under wraps thanks to Tesla’s strategy of hiding information from regulators as much as possible, as well as criticism of shareholders in the wake of scandalous tweets that the oligarch published in 2018. In any event, the judgment benefits greatly from these investors who sued Elon Musk after the famous tweet had a significant impact on the share price.
The aim of the shareholders, in particular, is compensate the millionaire for losses caused by stock price fluctuations. All of this, while Elon Musk, who was in talks with the Saudi Arabian Public Investment Fund to privatize Tesla, claims his original plan to turn Tesla into a “securedly funded” private company “was a solid one,” according to the publication. the aforementioned medium. Musk’s statements, however, do not match those of the Northern District of California judge.
“No reasonable jury could conclude that Mr. Musk did not act recklessly, given his intimate knowledge of the discussions held at the July 31, 2018 meeting” with the Saudis.
Judge Edward Chen in detail.
Elon Musk also ran into other controversial 2018 tweets.
Tweets about unions at Tesla posted by Elon Musk in 2018 also continue the lawsuit. A few weeks ago, three judges considered that the publication poses a threat to company employees. They assumed that employees would lose their shares if they decided to unionize. The judges also consider this post a violation of labor rights and insist that the tweet be deleted.
Elon Musk’s tweet, in part, reads: “There is nothing stopping the Tesla team at our auto plant from electing a union. They could tomorrow if they wanted to. But why pay union dues and give up stock options for nothing? twice as good as when the plant was with UAV [sindicato estadounidense] And they all have health insurance.
Meanwhile, Elon Musk and representatives of his company keep calls. They do this both in the case of the Tesla privatization-related tweet and in the case of the unions.
Source: Hiper Textual
