Elon Musk misled Tesla Inc. shareholders when he tweeted in 2018 about taking the company private with "funding secured" and cost them millions of dollars, a lawyer for investors told jurors at the chief executive officer's securities fraud trial.
"His lies caused regular people, like Glen Littleton, to lose millions and millions of dollars," attorney Nicholas Porritt said in his opening arguments Wednesday, referring to the named plaintiff in the class-action case. In order for markets to operate normally and fairly, it's "critical that he is held, and the company is held, liable," Porritt said.
Alex Spiro, Musk's lead lawyer, countered in his address to jurors that Musk's intention to take Tesla private was "indisputably true," and the messages on Twitter "didn't materially matter to the market."
Funding to take Tesla private wasn't a problem, Spiro said, explaining that Musk was "serious" about taking the company private, but used the "wrong words." H…