“It’s not because I tweet something that people believe,” says Musk at trial

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Tesla Chief Executive Elon Musk testified on Friday that investors don’t necessarily react to his Twitter messages the way he expects, offering his side of a fraud trial over a tweet from Tesla. 2018 in which he declared he had funding to take the company private.

Musk’s testimony began with questions about his use of Twitter, the social media platform he purchased in October. He called the site the most democratic way to communicate, but said his tweets don’t always affect Tesla stock the way he hopes.

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“It’s not because I tweet something that people believe or act on,” Musk told a jury in federal court in San Francisco.

Musk testified for less than 30 minutes before the session was adjourned until Monday. He was not asked about his 2018 tweet in which he said he was considering delisting Tesla and had “funding secured”.

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He is expected to explain why he insisted that he had the backing of Saudi investors to take Tesla private, which never happened, and whether he knowingly made a statement that could mislead his shareholders with the tweet.

Source: CNN Brasil

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