On Tuesday, Elon Musk testified in the trial over a controversial tweet in which he said he had secured funding to take Tesla private. Musk stated that the tweet was genuine and that he had believed the Saudi Arabian sovereign wealth fund would back the funding.

According to Musk, the ‘420 price was not a joke.’ He also said that he had not consulted with Tesla’s board before making the tweet.

H. Gregory Baker, former Senior Counsel of the Securities and Exchange Commission, weighed in on the trial, saying that Musk’s tweet could have been interpreted as a violation of securities law.

The trial has raised questions about the trustworthiness of information on social media. Above the Law said that Musk’s faith in the people of Twitter may cost him a lot of money.

The outcome of the trial is still uncertain, but it is clear that the tweet has had far-reaching implications for the tech industry.

View Full Coverage on USNN for more information.