Elon Musk faces fraud trial over Tesla tweet

Elon Musk, head of electric car maker Tesla and micro-blogging platform Twitter, has lost billions of assets in the last few months. However, his troubles are not limited to this only. Now preparations are being made to take action against them for cheating as well. It has been told that there will be a court hearing against Musk on Tuesday (January 17) regarding one of his 2018 tweets.

Case in which action is to be taken against Musk is of 2018

The case in which action is to be taken against Musk is of 2018. Actually, Musk had made a tweet about declaring his company Tesla as a private company. In this, he said that he currently has enough funding to take Tesla private. After his tweet, a tremendous jump was seen in Tesla's shares. However, questions were also raised on Musk regarding this tweet. Many shareholders alleged that Musk raised this tweet only to increase the price of his company's shares. America's market regulator - the Securities and Exchange Commission ordered Musk to step down as Tesla's board chairman and pay a fine of $20 million.

Musk went to court only against this order of the US market regulator

Musk lawyers have already demanded that the case be heard outside San Francisco, because it is here that he bought Twitter in October last year and has also been criticized for the company's decision to lay off. According to Musk's lawyers, because of some of his decisions, he will not get a fair trial in San Francisco. Significantly, after buying Twitter, Elon Musk fired 7500 employees of the company. Apart from this, other personnel associated with Twitter in one way or the other were also discharged.

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