Boing Boing

Musk's civil trial for committing financial fraud via reckless Tweets to begin this week

Elon Musk Horse Trader

The SEC found Elon "Pedo Guy" Musk guilty of fraud and knowingly publishing a Tweet claiming he would take TSLA private at $420 per share. Now a civil trial begins, by shareholders seeking damages, claiming they relied on Musk's Tweet to make a losing financial bet.

Regardless of the trial's outcome, Musk's reputation as an impulsive, under-informed, and unreliable source has been cemented.

NPR:

The trial stems from a class-action lawsuit brought by investors who owned Tesla stock during a 10-day period (Aug. 7-17) that began the same day as Musk's tweets.

District Judge Edward Chen has already ruled that Musk's initial tweets were knowingly false and misleading. A jury will now decide whether Musk acted recklessly by posting them, as well as whether he caused financial harm to Tesla shareholders.

Tesla's stock prices swung by roughly $14 billion during the 10-day period covered in the lawsuit, the shareholders say.

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