Elon Musk Testifies His Tweets Don’t Mean That Much In Shareholder Suit — Over A Tweet – By Mary Papenfuss (Huffpost) / Jan 20, 2023
“Just because I tweet about something doesn’t mean people believe it,” Musk insisted about a Tesla plan he touted to 127 million followers that didn’t happen.
Twitter CEO Elon Musk testified Friday that his tweets aren’t that big a deal as he made an attempt to defend himself against a class-action lawsuit claiming investors lost billions of dollars over one of his posted messages about taking Tesla private.
“It’s difficult to say the stock price is linked to [a] tweet,” he told jurors in San Francisco federal court. “Just because I tweet about something doesn’t mean people believe it or will act accordingly,” he added, Reuters reported.
Musk is being sued for alleged fraud over the fortunes that were lost when he tweeted in August 2018 that he was taking his car company private and had “funding secured.”
The deal never happened, and investors who scooped up stock in a bid to profit from the plan lost money when it simply evaporated.