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Elon Musk’s tweet about Tesla was expensive

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Elon Musk will be tried for manipulating the stock market by tweeting.
A federal judge denied his request to move the case out of California.
Hence it is now clear that Elon Musk will be prosecuted in San Francisco only.

San Francisco. Elon Musk, CEO of electric car giant Tesla, will go on trial on Tuesday for allegedly manipulating the stock market in a tweet. A federal judge denied his request to move the case out of California, saying Elon Musk will be tried in San Francisco. This whole affair 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 company’s share price.

According to an AFP news agency, shareholders have sued Elon Musk for allegedly causing billions of dollars in losses due to his Twitter post. Because Elon Musk said in his Twitter post that funding was secured to buy the shares of the company’s shareholders. Judge Edward Chen on Friday declined to transfer the trial to the southern state of Texas, according to a court spokesperson. Where Elon Musk took up headquarters for his company Tesla. Jury selection for that trial is due to begin on Tuesday.

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Defense attorneys had argued that billionaire Elon Musk’s trial could not 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 company. Since taking over Twitter, Musk has laid off more than half of its 7,500 employees. Most of them are in San Francisco. Elon Musk has also made drastic changes to the content moderation policy of this social media site. Elon Musk’s short tweet in 2018 had already caught the attention of the authorities. US stock market regulator the Securities and Exchange Commission has ordered Elon Musk to resign as chairman of Tesla’s board and pay a $20 million fine.

Tags: Elon Musk, You’re here, Tesla cars, Twitter

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