Tesla CEO Elon Musk faced questioning today in a San Francisco court over a tweet he sent in 2018 that sent the electric car maker’s stock soaring.
The tweet, which Musk sent from his personal Twitter account, suggested that he was considering taking Tesla private at $420 a share.
The Securities and Exchange Commission (SEC) has accused Musk of misleading investors and filed a lawsuit against him. Musk has denied any wrongdoing.
During the trial, Musk testified that he had been told that Saudi Arabia’s crown prince was on board with his plan to take Tesla private. He also said that the $420 price was not a joke, as he had previously claimed.
He also testified that he had considered using money from SpaceX, his private space exploration company, as well as money from Saudi Arabia to finance the go-private plan.
The SEC has argued that Musk’s tweet was a violation of securities law and that he should be held accountable for his actions.
The trial is ongoing and it remains to be seen if Musk will be found guilty or not. However, the case has already had an impact on the electric car maker’s stock.
The news has been widely covered by news outlets, including NDTV, CNN, CNBC Television, The Washington Post, and Bloomberg Technology. Viewers can find full coverage of the trial on USNN.
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