Elon Musk was depicted Wednesday as either a liar who callously jeopardized the savings of “regular people” or a well-intentioned visionary as attorneys delivered opening statements at a trial focused on a Tesla buyout that never happened.
SAN FRANCISCO —
“Why are we here?” Porritt asked. “We are here because Elon Musk, chairman and chief executive of Tesla, lied. His lies caused regular people like Glen Littleton to lose millions and millions of dollars.” He also asserted that Musk’s tweet also hurt pension funds and other organizations that owned Tesla stock at the time.
Spiro added that Musk had been in advanced talks with representatives from Saudi Arabia’s Public Investment Fund to take Tesla private. at the heart of the trial. “It was a split-second decision” aimed at being as transparent as possible about the discussions with the Saudi fund about a potential deal. that suggested a deal was imminent.
U.S. District Judge Edward Chen, who is presiding over the trial, ruled that the shareholders’ lawyers can’t mention that settlement in the case. After the trial adjourned Wednesday, Porritt told The Associated Press he hopes to call Musk to the stand when the proceedings resume Friday after two other witnesses testify. If the allotted time runs out Friday, Musk will likely testify Monday, Porritt said.
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