SAN FRANCISCO (AP) — While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a…
Long before Musk purchased Twitter for $44 billion in October, he had set his sights on Tesla, the electric automaker where he continues to serve as CEO and from which he derives most of his wealth and fame.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Musk’s tweets back then fueled 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.Article content
The trial’s outcome may hinge on the jury’s interpretation of Musk’s motive for tweets that U.S. District Judge Edward Chen has already decided were a falsehood. Musk’s leadership of Twitter — where he has gutted the staff and alienated users and advertisers — has proven unpopular among Tesla’s current stockholders, who are worried he has been devoting less time steering the automaker at a time of intensifying competition.
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