The billionaire’s constant presence on Twitter could cost him dearly.
Elon Musk set records by becoming the first person to lose more than $200 billion. And he could lose more.
The current owner of Twitter is pending a trial that originated from a few tweets he made in 2018.
“I am considering taking Tesla private at $420 per share. Funding secured,” Musk tweeted in August 2018.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
The tweet not only carries a reference to marijuana with 420, but also possible repercussions for Elon Musk , who also indicated that day that shareholders could sell at 420 dollars or remain as investors in the company, but private.
Tesla investors against Elon Musk
Elon Musk is in the middle of a stock fraud trial thanks to his publications.
Tesla shareholder lawyers will seek to prove that Elon Musk lied, causing instability in Tesla ‘s shares and causing losses to his clients.
Consulted by Bloomberg , lawyer Adam Pritchard believes that Elon Musk could lose billions of dollars in this case.
To avoid a new blow to his fortune, Elon Musk will have to prove that he did have the necessary financing to turn Tesla into a private company at $420 per share.
In August 2018, Tesla shares were around $20. The electric car company reached a peak of $409.97 in November 2021. Since the announcement of the Twitter purchase , Tesla has dropped considerably in value on the stock market with values close to $110.