SAN FRANCISCO (AP) — Elon Musk took the witness stand Friday to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening.
The tweet resulted in a $40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court Friday.
A month later, Musk stepped down as Tesla’s chairman while remaining CEO as part of the Securities and Exchange Commission settlement without acknowledging any wrongdoing. “I care a great deal about retail investors,” he said during questioning by shareholder attorney Nicholas Porritt. Even before Musk took the stand, U.S. District Judge Edward Chen had declared that the jurors can consider those two tweets to be falsehoods, leaving them to decide whether Musk deliberately deceived investors and whether his statements saddled them with losses.
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