The spotlight on Musk’s tweeting habits came a day after the 51-year-old billionaire has just completed three days of defiant testimony
Tesla CEO Elon Musk’s impulsive and sometimes inflammatory usage of Twitter took centre stage Wednesday in a trial focused on whether he misled investors with his 2018 tweets indicating he had lined up financing to take the electric auto maker private, a proposal that rapidly unravelled.
After it became apparent that the money wasn’t in place to take Tesla private, Musk and the company reached a $40 million settlement with securities regulators who alleged his tweets were improper. Baron, who Musk praised as a savvy investor during his testimony, wrote the cautionary e-mail after Musk referred to a British cave explorer as a “pedo guy” in a tweet that was subsequently deleted. The pedophile reference prompted the cave explorer, Vernon Unsworth, to file a defamation lawsuit and a trial verdict that resulted in a victory for Musk.
A portfolio manager overseeing Tesla investments for T. Rowe Price also tried to counsel Musk about his Twitter usage in a July 18, 2018 phone call and a follow-up e-mail, according to a videotaped deposition that was played for the jury during Wednesday’s proceedings. Less than three weeks later, Fath said he was “shocked and surprised” to hear about Musk’s buyout tweet during a vacation he was taking in the Caribbean with his family. “It blew up my entire vacation,” Fath said. During the first three months of 2019, Fath said T. Rowe began trimming its investments in Tesla, partially because of its diminished trust in Musk.
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