Elon Musk to Face Trial Over Tweet Claiming He Had Secured Financing for $72 Billion Buyout of Tesla

Elon Musk, the billionaire CEO of Tesla, is set to face a trial over a company he didn’t take private. The trial, which begins on Tuesday with jury selection, was triggered by a class-action lawsuit filed in response to Musk’s tweet on August 7, 2018, claiming he had secured financing for a $72 billion buyout of Tesla.

The tweet was followed by a statement that made a deal seem imminent, though it never materialized. Musk had long been interested in Tesla, the electric automaker from which he derives most of his wealth and fame.

The lawsuit alleges that Musk’s tweet was an attempt to manipulate the stock market and artificially inflate Tesla’s stock price. The plaintiffs claim that the tweet caused Tesla’s stock price to rise, resulting in losses for investors who sold their shares after the tweet.

Musk has denied the allegations, claiming that the tweet was an accurate reflection of his plans at the time. He also claims that the tweet was protected by the First Amendment.

The trial is expected to last several weeks and will be closely watched by investors and the media. The outcome could have a significant impact on Musk’s reputation and the future of Tesla.