In August 2018, Elon Musk tweeted that he was “considering taking Tesla private at $420. Funding secured.” Funding was not secured, Tesla did not go private, and Musk was sued for fraud both by the US Securities and Exchange Commission and by a class of investors who traded Tesla shares based on that tweet. Musk quickly settled with the SEC, but the class action dragged on. There is now a jury trial in California, and Musk has been testifying Friday, Monday and today.
Here is a paragraph of the 2018 SEC complaint that I have quoted before:
