Tesla CEO Elon Musk testifies in suit over his tweets

Elon Musk testified Wednesday in a security lawsuit claiming his Twitter posts before purchasing the company were false and intended to drive the stock price down.

Questioned by the plaintiffs' attorney, Aaron P. Arnzen of Bottini & Bottini Inc., the Tesla CEO told the jury he was aware of Twitter's estimate that less than 5% of accounts on its platform were fake prior to signing the merger agreement. Musk later said the deal was "on hold" because he believed the true number of fake accounts to be higher, causing the stock price to fall.

The plaintiffs, investors who sold at a lower price before the deal ultimately closed, claim Musk made false statements to drive down the share price and renegotiate the deal.

Musk is represented by Quinn Emanuel Urquhart & Sullivan LLP. Giuseppe Pampena v. Elon R. Musk, 3:22-cv-05937 (N.D. Cal., filed Oct. 10, 2022).