Doubling down on his argument, Musk mentioned that after factoring in the 20% bump in share price, the exact value came somewhere around $419.50, but he actually rounded it up and tweeted the $420 number. Musk further said that it was merely “a coincidence” that the final value came out at $420. He said that “there is some karma around 420,” but later posed the question of whether “that is good or bad karma at this point.”
The case is built on complaints that Musk’s tweet had a detrimental impact on the price of Tesla stock and that investors should be compensated accordingly for any damages that they may have suffered on their investment due to the subsequent devaluation. Back in 2018, the SEC filed a lawsuit against Musk, targeting him for misleading investors with his “funding secured” tweet.
In the wake of the legal drama, Musk agreed to pay a fine worth $20 million and had to vacate his seat as the chairman on the Tesla board. In his latest court showdown, Musk’s lawyer argued that his tweet was worded poorly, but there was no fraud element to it. As for Tesla, it has witnessed a steep decline in its stock price, and since Musk’s wealth is mostly tied to the EV maker’s stock, he set a Guinness World Record for the “largest loss of personal fortune.”
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