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Elon Musk, the CEO of electric car giant Tesla, will face trial on Tuesday over allegedly manipulating the stock market with a 2018 tweet which claimed that he had sufficient funding to take Tesla private, causing a whirlwind in the company’s share price.
Musk was swiftly sued by shareholders for allegedly costing them billions of dollars with the Twitter post that said funding was “secured” to buy out the company’s shareholders.
Judge Edward Chen on Friday refused to transfer the proceedings to Texas, the southern state where Musk moved Tesla’s headquarters and jury selection is scheduled to begin on Tuesday, AFP reported citing a spokesperson for the court.
Defence lawyers had argued that Elon Musk would be denied a fair trial in San Francisco, where most of the fired Twitter workers reside. 
According to Bloomberg, Judge Chen expressed confidence at the hearing that impartial jurors could be chosen.
Musk’s short tweet in 2018 has already attracted the attention of authorities. 
The US stock market regulator, the Securities and Exchange Commission, ordered that Musk step down as chairman of the board of Tesla and pay a fine of US$20 million.
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Tesla CEO Elon Musk Faces Trial Over A Tweet Which "Manipulated The Stock Market"

The Tesla Inc. chief executive officer, Elon Musk, has become the only person in history to ever lose $200 billion from their net worth.
Musk’s wealth plummetted to $137 billion after Tesla shares tumbled in recent weeks, including an 11% drop on Tuesday, according to the <a href="https://www.bloomberg.com/news/articles/2022-12-30/elon-musk-becomes-first-person-ever-to-lose-200-billion?leadSource=uverify%20wall">Bloomberg Billionaires Index</a>. 
His fortune peaked at $340 billion on November 4, 2021, and he remained the world’s richest person until he was overtaken this month by Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH.
The round-number milestone reflects just how high Musk (51) soared during the run-up in asset prices during the easy-money pandemic era.
Tesla exceeded a $1 trillion market value for the first time in October 2021, joining the likes of global technology companies Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.
Now Tesla’s dominance in electric cars is in jeopardy as competitors catch up. Competitors include Ford, BMW, Mercedes, Toyota, Hyundai, GM, Volkswagen, Honda, and Nissan.
Tesla shares fell 65% in 2022 and Musk sold so much in 2022 to help cover his Twitter purchase. 
Musk’s stake in his closely held Space Exploration Technologies Corp. (SpaceX) is at $44.8 billion (42.2% of SpaceX), according to a recent filing.
In response to the decline of his fortune, Musk told Tesla employees that they should “not be too bothered by stock market craziness.”
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Tesla And Twitter CEO Elon Musk Loses US$200 Billion

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