Elon Musk's mysterious ways exhibited in Tesla Tweet attempt

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https://gotopnews.com/post/1619575
Elon Musk's enigmatic personality and unconventional tactics emerge as key exhibits in a case revolving around one of his most polarizing pursuits, tweeting. SAN FRANCISCO -- Elon Musk's enigmatic personality and unconventional tactics emerge as key exhibits in a lawsuit revolving around one of his most polarizing pursuits, tweeting. Focusing on a pair of tweets announcing that Musk had received money to buy Tesla privately 2018, the lawsuit rattled 51-year-old billionaire for three days of testimony in a federal courtroom San Francisco that opened an often incomprehensible peephole. mind. Musk, who now owns service he uses as his megaphone, was often a work of contrasts during the roughly eight hours he spent at booth. The electric car maker's CEO is facing a class action lawsuit on behalf of Tesla shareholders after Musk tweeted about a company acquisition that didn't happen. Through both his testimony and the evidence presented around him, Musk was seen as impulsive, brash, vicious, and humiliating to anyone who questioned his motives as a game-changing entrepreneur who inspired comparisons to the late Apple co-founder, Steve Jobs. Other times, Musk sounded like a savvy visionary whose supporters hailed him—a brave rebel who by his own estimates had raised more than $100 billion from investors. They have been richly rewarded for their leadership leading companies that include PayPal digital payments, Tesla electric vehicles, and SpaceX rocket ships. "It's relatively easy for me to get investment support because my background is extremely good," Musk said sarcastically. But confidence in his ability to get the money he wants to pursue plans is one reason why he finds himself in court. The three-week trial will continue on Tuesday and will begin jury deliberations by Friday. What you should know so far: SOWING SEEDS Evidence and testimonies suggest that Musk was considering taking Tesla private in 2017 to avoid having to deal with the headaches and distractions of running a public company. After meeting with a senior representative of Saudi Arabia's state wealth fund on July 31, 2018, Musk wrote a letter to Tesla's board outlining why he wanted to buy the automaker at $420 per share - about 20% above the stock price. sent. on time. Musk was serious enough to have already discussed pros and cons with Michael Dell, who went through the public-to-private transition in 2013 when he bought eponymous personal computer company for $25 billion, according to trial evidence. . DIFFICULT TWEETS The gist of the case hinges on a tweet on August 7, 2018, in which Musk declared that "financing has been secured" to take Tesla private. Musk abruptly posted the tweet minutes before boarding his private jet, after the Financial Times was warned it was about to publish it. A story about the Saudi Arabian Public Investment Fund spending about $2 billion buying a 5% stake in Tesla, according to his testimony, to diversify its interests beyond oil. Amid widespread confusion over whether Musk's Twitter account hacked or whether he was joking, Musk posted another tweet hours later suggesting a deal imminent. Musk defended the initial tweet as a bona fide move to let all Tesla investors know that the automaker may be on track to end its eight-year operation as a public company. “I didn't have bad intentions,” Musk testified. "My intention was to do the right thing for all shareholders." Guhan Subramanian, business and law professor hired as a specialist for shareholder attorneys at Harvard University, derided Musk's method of announcing potential acquisition as "extreme value" fraught with potential conflicts. “The risk is that Mr. Musk, in announcing his offer, serves his own interests rather than the interests of the company,” Subramanian said. WHERE IS THE MONEY? There is another issue that threatens to undermine Musk's defense. Based on Musk's testimony, other witnesses, and other evidence, he did not lock down financing of the deal he proposed, or even determine how much would be needed to make deal happen. That was one reason why US District Judge Edward Chen ruled last year that Musk's 2018 tweets were false and instructed the jury to view them that way. It also prompted regulators claim that Musk misled investors with tweets, which led to a $40 million settlement with the U.S. Securities and Exchange Commission that required Musk step down as head of Tesla. Chen decided that the 2018 deal, which Musk didn't admit to doing anything wrong, and has regretted doing ever since, could not be presented to the jury. In a face-to-face meeting with Yasir al-Rumayyan, governor of the Saudi Arabian wealth fund, on July 31, 2018, Musk expressed that he believes he has received a verbal commitment to provide money wherever necessary for purchase of Tesla.