‘420 price was not a joke.’ Elon Musk testifies again in trial over controversial tweet

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Musk also denied that he picked the $420 price as a joke given its meaning to marijuana enthusiasts, but rather as a roughly 20% premium on the stock price at the time. "420 price was not a joke," he testified. He pointed to an incident in May of 2020 when he tweeted that "Tesla stock price is too high." The stock price dropped the day of his tweet but recovered and closed the year higher than it had opened. But what he said in that tweet was 'funding secured' without elaborating what that meant to him." Musk testified Friday that no one at Tesla reviewed his tweets in 2018 before he published them.

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Tesla CEO Elon Musk took the stand again on Monday morning in a California courtroom to testify for a second day in the lawsuit over his controversial "funding secured" tweet from 2018. Musk, Tesla and company directors are facing the shareholder lawsuit over the tweet, in which the billionaire said that he was thinking about taking Tesla private for $420 a share and had "funding secured." Those two words resulted in the CEO having to forfeit his position as Tesla's executive chairman and pay millions of dollars in fines and legal fees. Musk had spoken to executives of the Saudi sovereign wealth fund about the funding he would need to take Tesla private....

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