Elon Musk is always in the news due to his aggressive decisions and tweets and this time his tweets might cost him millions of dollars.
In 2018, Elon Musk tweeted that he will take Tesla private in a $72 billion buyout. He also mentioned that he had funding secured.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
However, the stakeholders argued that Elon manipulated the prices of the company due to which they lost billions of dollars. Also, if the San Francisco Jury favors the stakeholders then Elon Musk will have to pay billions of dollars in damages.
He has already paid $20m to the Securities Exchange Commission (SEC) for the 7 August 2018 tweet, while Tesla had to pay another $20m.
Legal experts suggest that it will be difficult for Elon Musk to win this case because most of the stakeholders and jurors see him in a negative light.