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US Court Rules Against Elon Musk's Infamous 'Funding Secured' Tweet

By Anusuya Lahiri
  • U.S. District Judge Edward Chen of San Francisco ruled that Elon Musk's 2018 tweets of secured funding to take Tesla, Inc (NASDAQ:TSLA) private were inaccurate and reckless, Reuters reports.
  • The court added that "there was nothing concrete" about Saudi Arabia's sovereign wealth fund financing during that time.
  • In 2018, Musk met with Saudi Arabia's Public Investment Fund representatives and discussed taking Tesla private. 
  • He did not discuss the details, such as the total amount of funding needed to take Tesla private or the price for Tesla stock.
  • The decision marked a significant victory for investors, alleging that Musk inflated stock prices by making false and misleading statements, causing billions of damages.
  • The judge refused to grant shareholders summary judgment on whether or not the allegedly false statements impacted Tesla's share prices.
  • The latest ruling was in line with a complaint from the U.S. SEC, which prosecuted Musk for fraud charges for the tweets in 2018 that followed Musk's exit as Tesla Chair, paying fines and agreeing to have a lawyer approve some of his tweets before posting them.
  • Price Action: TSLA shares traded higher by 1.77% at $814.20 in the premarket on the last check Wednesday.
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Dive Deeper:
Tesla, Twitter shares drop as Elon Musk's legal issues grow
Shares of Tesla and Twitter have tumbled this week
Apollo Looks To Lead $1B Preferred Financing For Musk's Twitter Bid
Apollo Global Management, Inc (NYSE:APO) discussed leading preferred financing for Elon Musk's proposed buyout of Twitter Inc (NYSE:TWTR), Bloomberg reports.  The funding, arranged by…
Why Hindenburg Research Is Shorting Twitter: 'Musk Holds All The Cards'
Twitter Inc (NYSE: TWTR) shares traded lower by 4% on Monday, well off the $54.20 per-share buyout price Tesla Inc…
Morning Brief: Top Financial Stories Dominating on Wednesday, May 11
Reuters
One subscription that gives you access to news from hundreds of sites
Dow Jones Futures Jump; TWTR Stock Crashes, Pares Losses On Elon Musk's Twitter Deal Tweets
Futures are rising. Will this bounce stick? TWTR stock initially crashed as Tesla CEO Elon Musk put the Twitter deal…
Elon Musk Suggests You Use Chronological Tweets Feature Over Whatever 'The Algorithm' Suggests
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Wednesday favored the chronological order of tweets rather than the algorithm-driven option. 
Get all your news in one place