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In a lengthy cross examination that delayed Musk’s appearance, a lawyer for Tesla’s board of directors tried to undermine Subramanian’s testimony by pointing out that it relied on graduate student assistance to review some of the material related to the August 2018 tweets. “This proposal was an extreme outlier,” said Guhan Subramanian, a Harvard University business and law professor for more than 20 years. Musk has previously contended he entered into the SEC settlement under duress and maintained he believed he had locked up financial backing for a Tesla buyout during meetings with representatives from Saudi Arabia’s Public Investment Fund.Īn expert on corporate buyouts hired by shareholder lawyers to study the events surrounding Musk’s proposal to take Tesla private spent the bulk of his three hours on the stand Friday deriding the plan as an ill-conceived concept. District Judge Edward Chen had declared that the jurors can consider those two tweets to be false, leaving them to decide whether Musk deliberately deceived investors and whether his statements saddled them with losses.
When shown communications from Tesla investors urging him to curtail or completely stop his Twitter habit before the 2018 buyout tweet, Musk said he couldn’t remember all those interactions from years ago, especially since he gets a “Niagara Falls” of emails.Įven before Musk took the stand, U.S. He called short selling an “evil” practice that should be outlawed, denigrating those who profit from it as “a bunch of sharks.” Musk, 51, said he cares “a great deal” about investors and also railed against short sellers who make investments that reward them when a company’s stock price falls. At other times, Musk craned his neck as he gazed around the courtroom. At one point, Musk asked Porritt if he would speak closer to the microphone so he could hear him better. The jury that was assembled earlier this week focused intently on Musk while he answered questions posed by Nicholas Porritt, a lawyer representing Tesla shareholders.
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The impulsive billionaire came into court wearing a dark suit and tie on the third day of the civil trial in San Francisco that his lawyer unsuccessfully tried to move to Texas, where Tesla is now headquartered, on the premise that media coverage of his tumultuous takeover of Twitter had tainted the jury pool. After it became apparent that the money wasn’t in place to take Tesla private, Musk stepped down as Tesla’s chairman while remaining CEO as part of the Securities and Exchange Commission settlement, without acknowledging any wrongdoing.
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