Elon Musk made certain that the jury was aware that short-sellers didn't "sell of small stature" during the Tesla shareholder trial

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Elon Musk made a joke about the term "seller with small stature" when he testified during Friday's trial.
A shareholder lawsuit claimed that Musk had manipulated Tesla's stock prices via a 2018 tweet.
Musk made it clear that he hates shareholders over the years, calling the practice "evil".

Elon Musk made a dig at Tesla's short-sellers while testifying in a shareholder suit on Friday.

When asked by Nicholas Porritt, an attorney, whether short sellers are a problem for Tesla as a public corporation, Musk responded, "I think most people have no idea what short seller is." It's a seller with small stature. He said, "Is it like medium-sized sellers?" before explaining to the jury the definition of shortselling.

Musk has been critical of short sellers. These are investors who wager that a company's stock price will fall. Musk made red satin short shorts on Tesla's website in 2020 as Tesla's stock rose. This was apparently to mock the many short sellers.

Musk previously stated that the practice should not be allowed.

Musk described short selling as "a way for, in my view, bad people on Wall Street (to steal money from small investors)" during his testimony on Friday. He later called it "evil".

The shareholder lawsuit that claimed that Musk had manipulated Tesla's share prices in 2018 stemmed from a trial in San Francisco. Musk tweeted that he had "funding secured", to take Tesla private for $420 per share.

Despite the fact that the tweet caused stock to rise, the automaker never signed the deal.

Tesla stock was shorted at the time of the tweet titled "funding secured". Experts have accused him of deliberately jacking up Tesla stock prices to punish short sellers.

Business Insider has the original article.

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By: sdelouya@insider.com (Samantha Delouya)
Title: Elon Musk made sure the jury knew that short-sellers weren’t ‘a seller of small stature’ during the Tesla shareholder trial
Sourced From: www.businessinsider.com/elon-musk-short-seller-height-joke-shareholder-trial-2023-1
Published Date: Fri, 20 Jan 2023 23:41:46 +0000

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