Elon Musk Faces US Trial For False 2018 Tweet On Tesla Privatization Know Details About It MarketGyani.com
US Trial Against Elon Musk: Tesla and Twitter CEO Elon Musk, who are included in the list of the world’s richest people, are going to face a case in the US. According to the report published in Live Mint, this case on Musk will run on the case of a ‘wrong’ tweet made in the year 2018. Musk is accused that in the year 2018, he tweeted about the privatization of Tesla, due to which there was a huge upheaval in the stock market. In such a situation, now the owner of Twitter will have to go around the court on this matter. Musk had applied in the court to get permission to take the matter out of California, but the court rejected his application. From today this case will be presented before the Jury.
Elon Musk tweeted to privatize Tesla
Elon Musk tweeted in the year 2018 that he was going to make Tesla a private company. For this, he will buy Tesla for $420 and for this he has raised enough funds. This stock value was about 18 percent more than Tesla’s shares at that time. After this news, a tremendous boom was seen in Tesla’s shares. Shares were trading with green mark in the stock market for months. After this, the US Securities and Exchange Commission ordered Musk to leave the post of Tesla’s board chairman and deposit about $ 20 million in fines.
Musk gave clarification on the matter
Elon Musk, while clarifying in this matter, had said that he was about to get Sovereign Wealth Fund from a Saudi Arabian wealth exchange, but the court found that Musk had never dealt with such a fund. According to media reports, Judge Edward Chen said that Musk did this ‘wrong’ tweet intentionally and because of this Tesla’s shareholders had to suffer huge losses. Significantly, Tesla’s shares were seen going up continuously after that tweet and after Musk’s Twitter deal, they have seen a continuous decline.
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