Elon Musk’s tweet about Tesla cost dearly

San Francisco. Elon Musk, CEO of electric car giant Tesla, will face trial on Tuesday for allegedly manipulating the stock market in a tweet. A federal judge rejected his request to move the case out of California, making it clear that Elon Musk will be tried in San Francisco. This whole matter dates back to August 2018, when Musk tweeted that he had enough money to take Tesla private. After which there was a huge rise in the share price of the company.

According to a news agency AFP, shareholders sued Elon Musk for allegedly causing billions of dollars in losses due to his Twitter post. because Elon Musk Had said in his Twitter post that the funding was secure to buy back the shares of the company’s shareholders. Judge Edward Chen on Friday declined to transfer the trial proceedings to the southern state of Texas, according to a court spokesman. Where Elon Musk has taken the headquarters of his company Tesla. Jury selection for this trial is scheduled to begin on Tuesday.

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Defense lawyers had argued that the trial of billionaire Elon Musk would not be able to have a fair trial in San Francisco. Because he bought Twitter in late October and has been widely criticized for his decisions since taking over the social media firm. Since taking over Twitter, Musk has laid off more than half of its 7,500 employees. Most of these are in San Francisco. Elon Musk also made drastic changes in the content moderation policy of this social media site. Elon Musk’s short tweet in 2018 had already caught the attention of the authorities. The US stock market regulator, the Securities and Exchange Commission, ordered Elon Musk to step down as Tesla’s board chairman and pay a $20 million fine.

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Tags: Elon Musk, Tesla, Tesla car, Twitter