Tesla investor Glen Littleton is seeking damages on behalf of shareholders who bought or sold stock in the days after the tweets, claiming Musk‘s tweets cost them “millions”.
However, a lawyer for Musk argued in court that the billionaire merely used the “wrong words” when he tweeted about his plans.
During opening statements, Nicholas Porritt, lead attorney for the investors, told a jury in San Francisco that “millions of dollars were lost when [Musk’s] lies were exposed”.
But Alex Spiro, representing Musk, said the billionaire was “serious” about taking the company private in 2018, but ultimately encountered shareholder opposition.
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“You will come to learn very soon that this was not fraud, not even close,” he told jurors.
The lawyer did however tell the jury that Musk’s Twitter post contained some “technical inaccuracies”.
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“In a rush, he used the wrong words,” he told the court.
Littleton, giving his testimony to the court, said he had invested in Tesla in 2015.
He said after seeing Musk’s “funding secured” post he had scrambled to unwind his Tesla options positions, which the tweet made unprofitable.
A jury of nine will decide whether Musk’s tweets artificially inflated Tesla’s share price by playing up the status of funding for the deal, and if so, by how much.
The trial will resume on Friday with an expert witness and might include Musk taking the stand.
The judge, Edward Chen, denied a request by Musk to have the case moved to Texas last week, with the billionaire expressing concern that potential jurors in California would be biased against him.
The jury will be tasked with deciding whether Musk’s tweets influenced investors, whether he acted knowingly, and whether damages should be awarded.
Judge Chen has already ruled that the statements the SpaceX owner made were untrue, but the defendants will argue that he had good reason to believe funding for taking Tesla private was secured.
Mr Biden was diagnosed on Friday, with tests revealing the cancer had spread to his bones.
The former president posted an image of himself and his wife Jill on X on Monday and wrote: “Cancer touches us all. Like so many of you, Jill and I have learned that we are strongest in the broken places. Thank you for lifting us up with love and support.”
Image: The King and Joe Biden at Windsor Castle in July 2023. Pic: Reuters
The King’s letter comes after British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
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Meanwhile US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Image: Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
After a poor debate performance against Mr Trump and amid escalating concerns around his age and fitness to serve, Mr Biden withdrew from the 2024 presidential election race and endorsed his vice president Kamala Harris.
Ms Harris wrote on X after his diagnosis: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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1:16
Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media that he and his wife were “united in prayer for the Biden Family during this difficult time”.
US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Image: Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
After a poor debate performance against Mr Trump and amid escalating concerns for his health, Mr Biden withdrew from the 2024 election and endorsed his vice president Kamala Harris.
Ms Harris wrote on X: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
Please use Chrome browser for a more accessible video player
1:16
Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House Of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media he and his wife were “united in prayer for the Biden Family during this difficult time”.
Following President Trump’s Middle East trip – which the White House is touting as an unbridled success – Sky News’ Martha Kelner sits down with Barbara Leaf, who was US ambassador to the United Arab Emirates during Trump’s first term and assistant secretary of state for Near Eastern affairs in the Biden administration.
She was also in the team that formed the first formal US presence in Syria after more than a decade.