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IPFS News Link • SEC-Securities Exchange Commission

Judge Rules Elon Musk Was Lying In "Taking Tesla Private" Tweets

• by Steven Loveday

According to a recent article published by Reuters, a federal judge has dealt what could be a damaging blow to Tesla CEO Elon Musk, though we have no idea how it will all play out. Essentially, the judge ruled that Musk's 2018 "taking Tesla private" tweets were "false and misleading. 

Investors are currently in the process of suing Musk for the earlier tweets. In fact, some investors previously asked U.S. District Court Judge Edward Chen not to allow Musk to try to argue that the tweets about taking Tesla private were true.

Interestingly, the CEO recently shared in an interview that the tweets were true, he was planning on taking Tesla private, and he did have access to the funding. He also insists that the SEC was aware of the funding, though the organization basically coerced him into claiming that they were false and entering into an agreement.

Musk shared that he was in a position where he had no choice but to comply with the SEC or see Tesla fail. At the time, the CEO followed the SEC's wishes, paid the related fines, and agreed to have his Twitter account monitored to ensure he wasn't posting material information.