Elon Musk, Tesla Inc's (TSLA.O) chief executive, testified on Friday that investors do not always react to his Twitter messages as he expects, defending himself in a fraud trial over his 2018 tweet that he had funding to take the electric carmaker private.
Musk's testimony began with questions about his use of Twitter, the social media platform he bought in October. He called it the most democratic way to communicate but said his tweets did not always affect Tesla stock the way he expected.
"Just because I tweet something does not mean people believe it or will act accordingly," Musk told the jury in San Francisco federal court.
Musk testified for less than 30 minutes before court adjourned until Monday and he was not asked about his 2018 tweet that he was considering taking Tesla private and that he had "funding secured."
He is expected to address why he has insisted he had Saudi investor backing to take Tesla private, which never occurred, and whether he knowingly made a materially misleading statement with his tweet.
The case is a rare securities class action trial and the plaintiffs have already cleared high legal hurdles, with US Judge Edward Chen ruling last year that Musk's funding post was untruthful and reckless.
Shareholders alleged that Musk lied when he sent the tweet, costing investors millions.
He is expected to address why he has insisted he had Saudi investor backing to take Tesla private, which never occurred, and whether he knowingly made a materially misleading statement with his tweet.
The case is a rare securities class action trial and the plaintiffs have already cleared high legal hurdles, with US Judge Edward Chen ruling last year that Musk's funding post was untruthful and reckless.
Shareholders alleged that Musk lied when he sent the tweet, costing investors millions.
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