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Tweet About Taking TESLA Private Cost Investors Millions, Jury Told…

A lawyer for angry Tesla investors told a California courtroom on Wednesday that CEO Elon Musk “lied” about having funding in place to take the company private, costing his clients millions of dollars.More than four years after Musk fired off tweets saying he had funding secured to buy the electric car maker at $420 a share, investors who felt burned by the misleading statements began to make their case in the San Francisco court.The tweets in the summer of 2018 sent the Tesla share price on a rollercoaster ride and Musk was sued by shareholders who say the tycoon acted recklessly in an effort to squeeze investors who had bet against the company.“Elon Musk, Tesla’s chair and chief executive, lied,” said attorney Nicholas Porritt, who represents Glen Littleton and other investors in the automaker.“And his lies cost regular people like Glen Littleton to lose millions and millions of dollars,” Porritt added in opening remarks.Called as the first witness, 71-year-old Littleton told jurors he was heavily invested in Tesla in 2018 in a way that banked on the share price climbing to $500 or more.Littleton testified that he was “pretty shocked” by Musk’s tweet about taking the company private at $420 a share because it threatened almost all the money he had invested in Tesla.“It was going to prett …

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