“How Social Media Can Impact Finances”

“Elon Musk faces lawsuit over tweet”

Elon Musk, CEO of Tesla, appeared in court on Friday to defend himself against a lawsuit brought by investors who accuse him of manipulating the stock market through tweets.

The lawsuit stems from a tweet Musk sent in 2018 in which he stated that he was considering taking Tesla private at a price of $420 per share and that funding for the move was “secured.”

The tweet caused a spike in Tesla’s stock price, but it was later revealed that there was no actual deal in place.

In court, Musk argued that his tweets were not meant to be taken seriously and that they were simply a form of communication with shareholders. He also stated that just because he tweets something, it doesn’t mean that people believe it or act on it.

He cited an example of a tweet he sent in which he stated that Tesla’s stock was “too high,” but the stock price went even higher after he sent the tweet.

The Securities and Exchange Commission (SEC) previously opened an investigation into the tweets and Musk reached an agreement to step down as Tesla chairman, pay a $40 million fine, and have his tweets about the company subject to oversight.

He is currently appealing this oversight on the grounds that it infringes on his freedom of speech.

The investors who brought the lawsuit are seeking millions in compensation and the case is being heard by…