In his testimony, Musk said he thought Twitter was “the best way to communicate with people,” including “investors, big and small.” He also said that he used Twitter to share memes, a comment that drew laughter from some who watched the trial.
Musk also acknowledged that in July 2018 his associates and friends, including a Tesla director at the time, Antonio Gracias, suggested that he take a break from Twitter. That summer was filled with “extreme pain,” Musk said, because Tesla was struggling to ramp up production of its most affordable car, the Model 3. Before Musk spoke about taking Tesla private on Twitter, he made an unsubstantiated claim that a British diver involved in a cave rescue in Thailand was a “fart boy”.
Asked if he took his advice, Musk replied: “I guess I kept tweeting.”
His posts were closely watched and scrutinized by investors and others interested in the company and electric cars.
On the witness stand, Glen Littleton, one of the investors and plaintiff in the case, said Wednesday that Musk’s first statement on Twitter about taking the company private seemed final. As a result, Littleton said he began trading options.
“He was going to pretty much wind me up,” Littleton, 71, said, referring to Tesla’s going private. “I wanted to secure my livelihood. This posed a threat to my livelihood.”
Timothy Fries, another investor and plaintiff in the case, testified Friday that Musk’s first statement on Twitter seemed to present a good opportunity to invest in Tesla. He bought shares in the company the next day.
“I wasn’t ready to buy stocks until I saw the tweet,” Fries said. He thought the deal was still being negotiated, but Musk’s post meant “there was a party involved and those funds had been vetted.”
