Elon Musk is back in court, this time over a four-year-old tweet.
The infamous post dates back to 2018, and says he was considering taking Tesla private at the price of $420/share.
The tweet continued, adding “funding secured”.
It was these two words which landed Musk in hot water, forcing him to pay millions of dollars in fines and legal fees, because the funding wasn’t secured.
Musk had only spoken with the executives of the Saudi sovereign wealth fund about the money he needed and hadn’t actually sealed the deal.
Shares in Tesla rose off the back of the news but never to the promised $420 level, before quickly falling well below their pre-tweet price of $344.
It’s this which prompted the shareholder suit that is only now reaching trial.
