Constant dollars

Elon Musk’s private tweet suit heads for a settlement conference

Tesla Inc. will go to a settlement conference to negotiate a possible end to the securities fraud case over Elon Musk’s 2018 tweets about taking the company private.

The meeting, which is due to take place in October, comes as investors suing Tesla and Musk have made steady progress in the case, which is expected to go to trial in January.

Two months ago, US District Judge Edward Chen found that Musk was misleading in his Twitter posts. It was the latest big win for investors seeking to recoup billions of dollars in losses they attribute to Tesla’s stock price swings four years ago, when Musk’s tweets went viral. shook the market.

A settlement conference scheduled for October 3 via Zoom was described in a court filing on Friday evening.

Both sides were ordered to exchange confidential settlement letters and statements 10 days in advance.

Musk’s attorney, Alex Spiro, did not immediately respond to an after-hours email and phone call on Friday.

October could prove to be busy for Musk. Earlier this week, a Delaware Chancery Court judge ruled that a trial for his canceled $44 billion Twitter takeover would begin this month.

Musk has insisted for years that his short-term plan to take Tesla private with “secure financing” was sound based on talks he had with Saudi Arabia’s Public Investment Fund.

I’m considering taking Tesla private at $420. Financing assured.

— Elon Musk (@elonmusk) August 7, 2018

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