Tesla investors suing Musk for 2018 tweet present their case

The news comes as Musk faces a Friday deadline to complete the $44 billion Twitter buyout

Tesla investors who took founder Elon Musk to court over a 2018 tweet are presenting their case today.

The tweet stated Musk was considering taking Tesla private and had already secured the funding.

As reported by Bloomberg, Musk’s tweet led to the company’s share prices suffering “massive losses.” Musk defended his tweet and said his plan was based on conversations he had with Saudi Arabia’s Public Investment Fund.

Citing analysts, the publication reports a trial loss could leave Musk and Tesla on the hook for more than $1 billion.

But that’s not the only large bill Musk is currently facing. He’s under a deadline to complete the $44 billion acquisition of Twitter by week’s end. Failure to do so will result in a trial.

However, as Reuters reports, Musk seems to be taking steps to secure the funding. The publication recently tweeted Musk has notified his co-investors to “prepare to fund” the acquisition.

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Source: Bloomberg, Reuters