SAN FRANCISCO—Lawyers made closing statements in federal court over Elon Musk‘s 2018 tweets proposing to take Tesla Inc.
TSLA,
private, capping a three-week trial over whether the billionaire violated securities law.
An attorney for investors said Friday that Mr. Musk made false statements about the financing for that potential deal and urged jurors to hold the executive accountable for the losses he said investors suffered as a result. A lawyer for Mr. Musk asserted the CEO of the electric-car maker was genuinely trying to share his thinking with the market.
The civil case here is scheduled to go to the jury as soon as Friday afternoon.
“Am considering taking Tesla private at $420. Funding secured,” Mr. Musk, then also serving as Tesla’s chairman, tweeted on Aug. 7, 2018. He later added, “Investor support is confirmed.”
Tesla’s stock closed up 11% that day before giving back those gains and falling further.
“This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk,” Nicholas Porritt, an attorney for the investors, said as he urged jurors to find Mr. Musk, Tesla and its board of directors liable for the chief executive’s actions.
An expanded version of this story appears on WSJ.com.
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