Elon Musk, the CEO of Twitter and Tesla, testified Friday in a court in the US state of California that one of his tweets did not affect the stock price of his electric car company, according to reports.
"Just because I tweet something, doesn't mean people believe it or act accordingly," Musk said in his defense. "The causal relationship is clearly not there simply because of a tweet."
After nearly 30 minutes of testimony from Musk, the San Francisco court adjourned until Monday.
"Am considering taking Tesla private at $420. Funding secured," Musk tweeted in 2018.
The lawsuit alleges that the tweet cost shareholders millions of dollars in losses.
In a separate Tweet, he wrote: "Investor support is confirmed. Only reason why this is not certain is that it's contingent on a shareholder vote."
