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Technology,
Securities

Jan. 19, 2023

Attorneys joust over whether Musk tweet was fraud

What Elon Musk did could not be fraud, Alexander B. Spiro of Quinn Emanuel Urquhart & Sullivan LLP stated, because in real fraud cases, when the truth is revealed the stock drops, but in this case the stock rose.

Attorneys joust over whether Musk tweet was fraud
Elon Musk at the Metropolitan Museum of Art's Costume Institute benefit gala in New York, May 2, 2022. New York Times News Service

Elon Musk told a lie in a tweet about taking the carmaker Tesla private that caused regular people to lose millions of dollars, a lawyer for a securities class told a federal jury in San Francisco Wednesday.

“It’s important that when the CEO of a public company like Tesla lies about his company and hurts investors, it’s critical that he is held accountable for the harm that he causes,” Nicholas I. Porritt said. “The time [the tweet] was mad...

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