Tag: Elon Musk trial

Musk faces US fraud trial over Tesla tweet
16Jan By adminNo Comments
Technology

Musk faces US fraud trial over Tesla tweet

[ad_1] Elon Musk will face trial on Tuesday over allegedly manipulating the stock market with a tweet after a federal judge rejected his request to move the case out of California. Elon Musk, the CEO of electric car giant Tesla, will face trial on Tuesday over allegedly manipulating the stock market with a tweet after a federal judge rejected his request to move the case out of California. The case dates back to August 2018 when Musk tweeted that he had sufficient funding to take Tesla private, causing a whirlwind in the company's share price. Musk was swiftly sued by shareholders for allegedly costing them billions of dollars with the Twitter post that said funding was "secured" to buy out the company's shareholders. According to a spokesperson for the court, Judge Edward Chen...
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Elon Musk to testify at trial over his $50 bn Tesla compensation
16Nov By adminNo Comments
Technology

Elon Musk to testify at trial over his $50 bn Tesla compensation

[ad_1] Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO. Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO of the electric car giant.Musk will testify in the same Delaware court where he faced a lawsuit by Twitter to make sure he went through with his buyout of the social platform. The $44 billion purchase of Twitter has put Musk under a deluge of scrutiny after he conducted massive layoffs, scared advertisers and opened the platform to fake accounts. The unrelated Tesla case is based on a complaint by shareholder Richard Tornetta, who accused Musk and the company's board of directors of failing in their duties when they authorized the pay plan.Tornetta al...
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Twitter Trial Against Elon Musk Is Halted to Allow Deal to Close
7Oct By adminNo Comments
Technology

Twitter Trial Against Elon Musk Is Halted to Allow Deal to Close

[ad_1] A judge halted a court case against Elon Musk over his $44 bn purchase of Twitter. A Delaware judge halted a court case against Elon Musk over his $44 billion purchase of Twitter Inc., giving the parties more time to complete the deal.Delaware Chancery Judge Kathaleen St. J. McCormick said if the transaction isn't done by 5 p.m. on Oct. 28, she will set new trial dates in November, according to an order issued Thursday. The ruling hands a partial victory to Musk, who earlier in the day had asked the judge to pause Twitter's lawsuit against him ahead of an Oct. 17 trial date. But it also gives Musk a deadline by which he needs to make good on his April agreement to pay $54.20 a share -- an obligation he previously tried to abandon. Shares in San Francisco-based Twitter rose as m...
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Elon Musk’s Twitter Losses in Court Fight Presaged His Surrender
5Oct By adminNo Comments
Technology

Elon Musk’s Twitter Losses in Court Fight Presaged His Surrender

[ad_1] Elon Musk dropped his bid to walk away from a $44 billion buyout of Twitter Inc. after losing a series of pre-trial rulings. Elon Musk dropped his bid to walk away from a $44 billion buyout of Twitter Inc. after losing a series of pre-trial rulings that may have foreshadowed difficulties in making his case in court.Musk, the world's richest person, on Tuesday proposed carrying out his original plan to buy Twitter for $54.20 per share just days before he was scheduled to argue to a judge that executives of the social-media platform misled him about the number of spam and robot accounts embedded in the company's more than 230-million user base. That decision may have been influenced by almost a half-dozen rulings by Delaware Chancery Judge Kathaleen St. J. McCormick over the last...
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