HomeTechnologyElon Musk Said His Social Media Posts Did Not Drive Tesla’s Stock...

Elon Musk Said His Social Media Posts Did Not Drive Tesla’s Stock Price

On the witness stand, Glen Littleton, one of many traders and a plaintiff within the case, stated on Wednesday that Mr. Musk’s first assertion on Twitter about taking the corporate personal appeared definitive. Because of this, Mr. Littleton stated he started buying and selling choices.

“It was going to just about wipe me out,” stated Mr. Littleton, 71, referring to Tesla going personal. “I wished to make sure my livelihood. This represented a risk to my livelihood.”

Timothy Fries, one other investor and plaintiff within the case, testified on Friday that Mr. Musk’s first assertion on Twitter appeared to current alternative to put money into Tesla. He purchased shares within the firm the subsequent day.

“I wasn’t able to buy shares till I noticed the tweet,” Mr. Fries stated. He thought that the deal was nonetheless being negotiated however that Mr. Musk’s submit meant “there was a dedicated social gathering and people funds had been vetted.”

The trial began lower than three months after Mr. Musk acquired Twitter and fired most of that firm’s staff. He has additionally alienated many individuals by altering the social media platform’s content material guidelines, reinstating some customers whose accounts had been suspended up to now, together with former President Donald J. Trump.

Mr. Musk’s staff tried to have the case moved to Austin, Texas, the place Tesla relies, arguing that he couldn’t get a good trial in San Francisco due to native information protection of his Twitter takeover. Choose Chen denied that request.

Throughout jury choice on Tuesday, some potential jurors described Mr. Musk as “not essentially likable,” “one other smug wealthy man” and an individual who wrote sometimes “ill-informed” social media posts. None of these jurors have been chosen.

As an alternative, the case might be determined by a jury of two girls and 7 males — considered one of whom stated his ideas about Mr. Musk and Tesla have been “nothing” in his juror questionnaire, and considered one of whom referred to as Mr. Musk a “fast-rising businessman.” The trial is anticipated to final round three weeks.

Peter Eavis contributed reporting.

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