On May 2, 2022, Elon Musk and Rege-Jean Page were spotted arriving at the Metropolitan Museum of Art in New York City for the In America:
An Anthology of Fashion themed Met Gala. However, this is not the only event in which Musk is expected to make an appearance on that day.
The CEO of Tesla, Inc. is also likely to be called to testify in a jury trial that is being held in San Francisco federal court over his tweet from 2018. In this tweet, Musk had stated that he had “funding secured” to take the electric car maker private, which shareholders allege cost them millions in trading losses. He is listed as the third possible witness for Friday, after a securities expert and a Tesla investor.
The current trial is a rare securities class action lawsuit and the plaintiffs have already cleared significant legal obstacles. Last year, U.S. Judge Edward Chen ruled that Musk’s tweet was untruthful and reckless.
During opening statements, shareholder attorney Nicholas Porritt informed the jury that Musk lied in his tweet, causing financial harm to investors like Glen Littleton, the lead plaintiff in the case.
In contrast, Musk’s attorney, Alex Spiro, argued that the CEO believed he had financing from Saudi backers and was taking steps to make the deal happen. He also stated that Musk sent the tweet to protect the interests of “everyday shareholders” and prevent leaks to the media, despite it containing “technical inaccuracies.”
The jury, consisting of nine individuals, will determine if the tweet artificially inflated Tesla’s share price by exaggerating the status of funding for the deal, and if so, by how much.
The defendants in the case include current and former Tesla directors, whom Spiro claims had “pure” motives in their response to Musk’s plan.
The trial will resume after a day off on Thursday.