Top Line

Elon Musk has doubled down on the earnest intent of his infamous 2018 tweet, indicating he may take Tesla private and get financial backing to do so, as his testimony against America’s richest man A class-action lawsuit enters its third day of trial. ,

important facts

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“I thought I was doing the right thing,” Musk, who took the stand in San Francisco federal court at about 11:30 a.m. EST, testified Monday during cross-examination from his attorney, Alex Spiro.

He intended to make sure “all shareholders knew about the take private and not just a few large shareholders,” Musk said, digging into his continued claim he intended to help retail investors behind closed doors. did not harm or mislead them in disclosing Discussion about the purchase (public companies must disclose any non-material public information through the Securities and Exchange Commission).

Though Kasturi stands by his honest intentions, he has already landed in significant hot water for tech-pvt post: SEC fined paid him and Tesla $10 million and ordered Musk removed as Tesla’s chairman of the board because Musk “knew the potential transaction was uncertain” and that his “misleading tweets … caused significant market disruption.” ,” shares of the electric vehicle maker rose 6%. Tweet day.

“I certainly never want an investor to lose money, and if [any investor] Money is lost based on that tweet, so obviously I’ll be sorry,” Musk Told Near the conclusion of his testimony, which ended at approximately 3 p.m. EST.

main background

The testimony comes as part of a high-profile civil lawsuit seeking billions of dollars in damages, brought forward by a class of Tesla shareholders who say they bought stock after Musk's August 7, 2018 tweet. Lost money from the brief rise and subsequent fall. Had "secured" funding to take Tesla private at $420 a share. Musk took the stand for about 30 minutes on Friday and five hours on Monday, his defense focused largely on his belief that Saudi Arabia's sovereign wealth fund had in fact put up enough capital to execute a buyout and that his The tweet was intended to inform all Tesla investors. in the company before the multibillion-dollar Saudi investment financial Times Informed at stake. Musk predicted that there were many colorful moments in court, testifying that the $420 share price was purely coincidental given the number's connection to marijuana but actually represented good "karma."

important quotes

"JP Morgan hates Tesla, in a nutshell," Musk testified Tuesday bitter public spat Between Musk and Jamie Dimon, the billionaire CEO of JPMorgan Chase. America's largest bank sued on Its one-time client in November 2021 for $162 million.

tangent line

Court proceedings began Tuesday with a discussion about Musk's logistics and parking space, as Musk had parked at a court employee's designated spot on Monday, according to Judge Edward Chen, who jokingly remarked that it There is a dispute to be settled between the two.

forbes valuation

According to our latest estimates, Musk has a net worth of $160 billion, the second highest in the world. Musk's wealth has risen by $14 billion year-to-date amid a 33% rally in Tesla shares but is down 50% from his November 2021 peak.

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Musk testifies Saudi-backed offer to take Tesla private at $420 a share was no jokeforbes,