Mr. Musk, who testified for seven hours over three days, and his legal team argued that the funding for the deal was in fact plentiful, adding that it was difficult to come up with exact amounts until it was clear how much money was needed for shareholder buyout. who did not want to participate in the deal.
Investors involved in the case say they suffered billions of dollars in losses after Tesla’s stock rose in response to Mr. Musk’s claims to privatize the company, but then fell when the offer went nowhere. Judge Chen has already ruled that Mr. Musk’s two Twitter posts were false and that he acted recklessly in posting them. But investors must show that their losses are caused by misrepresentations and not by Mr. Musk’s other claims or other factors.
Mr Musk, dressed in a dark suit, black surgical mask and combat boots, entered the courtroom and watched the jurors walk to their seats. He attempted to downplay the plaintiffs by telling Mr Porritt that “in my opinion you don’t represent” most investors. Judge Chen called the remarks “inappropriate” and struck them out of the court record.
Mr. Musk also tried to say that most Tesla investors are happy because the company is now worth more than it was in 2018, another statement Judge Chen omitted from the court record. Mr. Musk’s two lawyers raised their hands and shook their heads.
During his testimony on Monday, Musk said he didn’t lie or stipulate his intention to take Tesla private because Saudi Arabia’s Sovereign Wealth Fund executives showed interest in the deal even if they didn’t sign any paperwork. doing it or discussing it. how much would they invest. He said “solid funding” also refers to his stake in SpaceX, the rocket company he runs, because he could borrow against those shares or sell some of them.