Elon Musk claimed in a tweet that he had lined up the financing to pay for a $72-billion buyout of Tesla, which he then amplified with a follow-up statement. But the buyout never materialized
, the electric automaker where he continues to serve as CEO and from which he derives most of his wealth and fame.
Musk’s tweets back then fuelled a rally in Tesla’s stock price that abruptly ended a week later, after it became apparent that he didn’t have the funding for a buyout after all. That resulted in him scrapping his plan to take the automaker private, culminating in a $40-million settlement with U.S. securities regulators that also required him to step down as the company’s chairman.
Chen dealt Musk another setback on Friday, when he rejected Musk’s bid to transfer the trial to a federal court in Texas, where Tesla moves its headquarters in 2021. Musk had argued that negative coverage of his Twitter purchase had poisoned the jury pool in the San Francisco Bay Area.
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