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Elon Musk To Face Trial Over His Tesla Tweets

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Musk stated in the July 7, 2018 tweet that he was secured the financing needed to fund the purchase of $72 billion from Tesla.

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He then emphasized it in an announcement that appeared to make a deal appear likely.

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However, the purchase never came to fruition, and Musk has to explain his actions now.

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Musk will be required to justify his actions under oath before the Federal courtroom in San Francisco.

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The trial started with a class action lawsuit filed for investors that held Tesla stock for ten days in August.

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Musk's tweets at the time sparked the stock's price, which abruptly ended one week after.

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When it was revealed that he did not have the money for a buyout at all.

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The result was that he decided to scrap his plans to privatize the automaker.

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The culmination of this was a $40 million settlement by U.S. securities regulators that forced the former chairman to resign as chairman of the company.

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