Tesla CEO Elon Musk was unsuccessful in his bid to move his trial over a misleading tweet about a potential buyout, saying that negative coverage since his Twitter purchase has poisoned the jury pool in San Francisco.
leaving it to a jury to decide whether he acted recklessly by posting it and whether it caused financial harm to Tesla shareholders. After adjusting for two stock splits made since 2018, Tesla’s shares are now worth nearly six times more than at the time of Musk’s tweets about the bogus buyout.
Tesla’s stock was even worth even more before Musk decided to buy Twitter for a price that even he conceded was far more than the company was worth. Tesla’s shares, currently hovering around $120, have lost nearly half their value since Musk took control of Twitter, partially affecting investor concerns that he is spending too much time running privately held Twitter instead of focusing at the automaker responsible for most of his fame and wealth at a time it’s facing tougher competition.
"For better or worse, Musk is a celebrity who garners attention from the media around the globe," the shareholders’ attorneys wrote in their 19-page opposition to the transfer request. "His footprint on Twitter alone is partially to blame for that. If ‘negative’ attention was all that was required to disqualify a jury pool, Musk would effectively be untriable before a jury given his knack for attracting ’negative" coverage.
After sifting through about 200 juror questionnaires submitted earlier this week, Spiro argued many of them were peppered with derogatory remarks about Musk that underscored how difficult it will be for him to get a fair trial. Some of those unflattering remarks surfaced during Friday’s hearing as Chen pored through the questionnaires in preparation for Tuesday’s jury selection. The judge disqualified jurors who he said had variously described Musk as an "idiot" and a "buffoon."
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