Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Tesla, Inc.
  6. News
  7. Summary
    TSLA   US88160R1014

TESLA, INC.

(TSLA)
  Report
Delayed Nasdaq  -  04:00:00 2023-03-24 pm EDT
190.41 USD   -0.94%
03/24THESE are the most Googled stocks by UK investors
AQ
03/24Lula's China trip to promote BYD takeover plan for Brazil Ford factory
RE
03/24Tesla CEO Elon Musk Denies Report on SpaceX's Plans to Obtain New Funding From Saudi Arabia, UAE Investors
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Musk trial: lawyers clash over whether CEO lied in 2018 Tesla tweet

01/18/2023 | 12:40pm EDT

SAN FRANCISCO, Jan 18 (Reuters) - Tesla Inc CEO Elon Musk "lied" when he said that funding was "secured" to take the company private, a lawyer for Tesla investors said on Wednesday, as an attorney for Musk argued that the billionaire merely used the "wrong words" when he tweeted about his plans in 2018.

Tesla investor Glen Littleton is seeking damages on behalf of shareholders who traded the company's stock in the days after Musk posted his plan to take the company private on Twitter in August 2018.

Musk's alleged lies caused "regular people" to lose millions, Nicholas Porritt, lead attorney for the investors, told a jury in San Francisco during opening statements.

"Millions of dollars were lost when his lies were exposed," he added.

Musk's lawyer disputed this characterization, saying that the billionaire was "serious" about taking the company private in 2018, but ultimately encountered shareholder opposition.

"You will come to learn very soon that this was not fraud, not even close," Alex Spiro said during opening statements.

Musk believed that financing was not an issue and was "taking steps" to make a deal happen, Spiro told the jury.

While the tweets contained "technical inaccuracies," Musk was concerned that some investors knew about his go-private plan and wanted to get the information out to the "everyday shareholder" that he "wanted to protect," Spiro said.

"In a rush, he used the wrong words," he said.

The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself is expected to take the stand as early as this week.

A jury of nine will decide whether the tweets artificially inflated Tesla's share price by playing up the status of funding for the deal, and if so, by how much.

The defendants include current and former Tesla directors, whom Spiro said had "pure" motives in their response to Musk's plan.

Testimony concluded on Wednesday after nearly three hours from the first witness, Littleton. The trial will resume on Friday with an expert witness and might include Musk taking the stand.

Littleton said he began investing in Tesla in 2015 as Musk was "bringing new ideas to life" in the technology industry.

The self-employed investor said he viewed Musk's "funding secured" statement as "absolute."

Littleton said he scrambled to unwind his Tesla options positions, which the tweet made unprofitable.

On cross-examination, William Price, who represents the defendants, sought to show Littleton was motivated by Musk's bid to take Tesla private, and not on "funding secured," which is what the lawsuit challenges as fraudulent.

U.S. District Judge Edward Chen, who is overseeing the trial, has ruled that Musk's statements about the status of the deal were false and Musk made them recklessly. The deal did not happen.

While shareholders sue hundreds of companies and their executives for alleged securities fraud every year, very few of those cases make it to trial. The vast majority are either dismissed by courts or settle.

Not among the jurors selected on Tuesday were some critics of Musk, such as one potential juror who said the chief executive, who has gained a reputation for the unpredictable, was "a little off his rocker."

(Reporting by Jody Godoy in San Francisco Additional reporting by Tom Hals in Wilmington, Del. Editing by Peter Henderson, Noeleen Walder and Matthew Lewis)


ę Reuters 2023
All news about TESLA, INC.
03/24THESE are the most Googled stocks by UK investors
AQ
03/24Lula's China trip to promote BYD takeover plan for Brazil Ford factory
RE
03/24Tesla CEO Elon Musk Denies Report on SpaceX's Plans to Obtain New Funding From Saudi Ar..
MT
03/24UK Gilt Yields Fall as Signs Emerge of Easing Inflationary Pressure
DJ
03/24TESLA : UBS reiterates its Buy rating
MD
03/24South Korea's LGES in talks with Toyota to supply EV batteries -CEO
RE
03/24Wissing confident in the combustion engine dispute
DP
03/24Social Buzz: Wallstreetbets Stocks Down Premarket; Deutsche Bank, Block Pois..
MT
03/24Ford's new Tennessee plant aims to build 500,000 electric trucks a year
RE
03/24China market regulator: to recall 2,649 imported tesla model s v&..
RE
More news
Analyst Recommendations on TESLA, INC.
More recommendations
Financials (USD)
Sales 2023 102 B - -
Net income 2023 12 472 M - -
Net cash 2023 26 095 M - -
P/E ratio 2023 53,0x
Yield 2023 -
Capitalization 602 B 602 B -
EV / Sales 2023 5,63x
EV / Sales 2024 4,22x
Nbr of Employees 127 855
Free-Float 83,5%
Chart TESLA, INC.
Duration : Period :
Tesla, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 36
Last Close Price 190,41 $
Average target price 207,59 $
Spread / Average Target 9,02%
EPS Revisions
Managers and Directors
Elon Reeve Musk Director
Zachary J. Kirkhorn Master of Coin & Chief Financial Officer
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
Sector and Competitors
1st jan.Capi. (M$)
TESLA, INC.54.58%602 477
LI AUTO INC.14.61%22 840
NIO INC.-6.97%14 988
LUCID GROUP, INC.19.91%14 985
RIVIAN AUTOMOTIVE, INC.-26.10%12 627
XPENG INC.-3.22%8 247
Stock markets for all
100% Free Registration
fermer