Testimony presented to jurors was aimed at showing that Elon Musk’s August 2018 Twitter posts sent Tesla’s stock on a roller coaster ride that hurt investors who held a variety of positions.
Tesla investors lost $12 billion over 10 days as a result of Elon Musk’s famous tweet in 2018 that he had “” to take the company private, a witness testified at a trial over the chief executive’s liability.
It was clear that the information Musk conveyed was “material,” or important to reasonable investors, as shown by the questions and concerns communicated in emails to the company’s investor relations office at the time, Hartzmark said. Andrew Rossman, a lawyer for Musk, got Hartzmark to reluctantly acknowledge on cross examination that the first part of Musk’s tweet, that he’s “considering” taking Tesla private, was true. The judge handling the case previously determined that the second piece of Musk’s tweet, that he had “funding secured,” was false.
Heston showed the jurors how a short-term call option expiring one month after Musk’s tweet, at a strike price of $420 — the share price at which Musk said Tesla would go private — rose almost $2. A long-term call at the same stock price but expiring Jan. 17, 2020, lost $22.40.
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