Afraid to lose: Elon Musk doesn’t want to sue Tesla shareholders outside of Texas
Elon Musk is asking the court to move the case over his Twitter posts from San Francisco to Texas. All because of the negative coverage of the billionaire in the local media, which may affect the outcome of the case.
It’s about a shareholder lawsuit against Tesla – in August 2018, Musk said he had enough money to buy the company at a price of $420 per share. The statements of the head of the corporation led to a sharp jump in prices.
Back in the spring, as a result of the shareholders’ victory, Judge Edward Chen ruled that Musk’s publications were false and reckless.
It is known that the hearing is scheduled for January 17, and the billionaire’s lawyers are seeking to move the location to Texas. This area includes the state capital of Austin, where Musk has moved his Tesla electric car company in late 2021.
If the adjournment fails, the defense wants to delay the trial until public criticism of the decision to buy Twitter subsides.
However, things are not going well for the rich even without court cases – at the end of DecemberElon Musk became the first person to lose $200 billion. All because of Tesla’s low stock price and problems within Twitter.