Musk was called to testify in the class action lawsuit filed against him by Tesla investors in 2018, after he tweeted that he was “considering taking Tesla private at $420” (per share), and that “investor interest is confirmed.” The tweet caused trading in Tesla’s stock to jump more than 10-fold, and its price jumped and fell sharply for weeks afterward, until the electric car maker’s blog clarified that it was in negotiations to sell the company to the National Investment Fund of Saudi Arabia, as part of its attempt to reduce the economic dependence of The state in oil – but the deal did not mature.
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To prove that investors don’t always take his tweets as a basis for their investment decisions, he said that “there were many cases where I thought that if I was going to tweet something, the stock price would go down: for example, at a certain point I tweeted that I thought the stock price was too high – and it (just) went up Even more, what happened, you know, goes against logic.”