This is a big victory for investors alleging Musk inflated stock prices by making misleading and false statements, causing billions in damages
A court said that Elon Musk’s 2018 tweets that funding was secured to take Tesla private were inaccurate and reckless, saying “there was nothing concrete” about financing from Saudi Arabia’s sovereign wealth fund at that time.
He said details such as the total amount of funding needed to take Tesla private or the price to be paid for Tesla stock were not discussed. He said it is that class-action plaintiffs get summary judgment on falsity and scienter before going to a jury trial, scheduled in January.
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