{"id":445662,"date":"2022-05-11T20:28:05","date_gmt":"2022-05-11T17:28:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musks-2018-tesla-funding-tweets-were-reckless-judge\/"},"modified":"2022-05-11T20:28:05","modified_gmt":"2022-05-11T17:28:05","slug":"elon-musks-2018-tesla-funding-tweets-were-reckless-judge","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musks-2018-tesla-funding-tweets-were-reckless-judge\/","title":{"rendered":"#Elon Musk&#8217;s 2018 Tesla funding tweets were reckless: judge"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2459ec4a405\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2459ec4a405\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musks-2018-tesla-funding-tweets-were-reckless-judge\/#%E2%80%9CElon_Musks_2018_Tesla_funding_tweets_were_reckless_judge%E2%80%9D\" >&#8220;Elon Musk&#8217;s 2018 Tesla funding tweets were reckless: judge&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CElon_Musks_2018_Tesla_funding_tweets_were_reckless_judge%E2%80%9D\"><\/span>&#8220;Elon Musk&#8217;s 2018 Tesla funding tweets were reckless: judge&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A US judge has determined that Elon\u00a0Musk\u2019s 2018 tweets that funding had been secured to take electric car maker Tesla private was inaccurate and reckless, saying \u201cthere was nothing concrete\u201d about financing from Saudi Arabia\u2019s sovereign wealth fund at that time.<\/p>\n<p>San Francisco-based District Judge Edward Chen\u2019s pre-trial decision represented a major victory for investors in a lawsuit accusing the world\u2019s richest person of inflating stock prices by making false and misleading statements, causing billions of dollars in damages.<\/p>\n<p>Chen granted the shareholders summary judgment on the issue of whether\u00a0Musk\u00a0knowingly made false statements but declined to grant them summary judgment on the question of whether these statements actually impacted Tesla\u2019s share prices.<\/p>\n<p>In 2018,\u00a0Musk\u00a0met with representatives of Saudi Arabia\u2019s Public Investment Fund and had a discussion about taking Tesla private, but evidence showed that \u201cthere was nothing concrete about funding coming from the PIF,\u201d the judge wrote.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/musk-tesla-tweet2.jpg?w=1024\" alt=\"Elon Musk\" class=\"wp-image-22225012\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/musk-tesla-tweet2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/musk-tesla-tweet2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/musk-tesla-tweet2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>In 2018, Musk met with representatives of Saudi Arabia\u2019s Public Investment Fund and had a discussion about taking Tesla private.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cRather, discussions between Tesla and the PIF were clearly at the preliminary stage,\u201d Chen said.<\/p>\n<p>\u201cNo reasonable jury could find that Mr.\u00a0Musk\u00a0did not act recklessly given his clear knowledge of the discussions,\u201d the judge added.<\/p>\n<p>Chen said details such as the total amount of funding needed to take Tesla private or the price to be paid for Tesla stock were not discussed.<\/p>\n<p>The summary judgment, made on April 1, was sealed for more than a month before it was made publicly available on Tuesday.<\/p>\n<p>\u201cIt is hugely significant,\u201d shareholder attorney Nicholas Porritt, a partner at Levi &amp; Korsinsky LLP told Reuters.<\/p>\n<p>Porritt said it is rare that a judge decides that a defendant knowingly made false statements in summary judgment before a jury trial begins. The remaining issue is what damages the intentionally false statement has caused to shareholders, Porritt said.<\/p>\n<p>Musk\u2019s lawyer, who has filed motions to undo the court decision, did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to a request for comment.\u00a0Musk\u00a0last month said that funding was actually secured to take Tesla private in 2018.<\/p>\n<p>Chen\u2019s ruling was in line with a complaint from the Securities and Exchange Commission. The securities regulator in 2018 sued\u00a0Musk\u00a0for fraud relating to the tweets.\u00a0Musk\u00a0then settled with the SEC, stepping down as Tesla chairman, paying fines and agreeing to have a lawyer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rove some of his tweets before posting them.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/11\/elon-musks-2018-tesla-funding-tweets-were-reckless-judge\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Elon Musk&#8217;s 2018 Tesla funding tweets were reckless: judge&#8221; A US judge has determined that Elon\u00a0Musk\u2019s 2018 tweets that funding had been secured to take electric car maker Tesla private was inaccurate and reckless, saying \u201cthere was nothing concrete\u201d about financing from Saudi Arabia\u2019s sovereign wealth fund at that time. San Francisco-based District Judge Edward&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/musk-tesla-tweet1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129004,39394,70446,72976,36402,82377],"class_list":["post-445662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-11-22","tag-elon-musk","tag-lawsuits","tag-securities-and-exchange-commission","tag-tesla","tag-tweets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445662"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445663"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}