Why Elon Musk Asks To Transfer The Shareholders' Trial To Texas?

Nishant Bhise

Elon Musk's Electric Vehicle venture 'Tesla' was heavily impacted due to his Twitter acquisition.

The Tesla shareholders have been fuming due to the EV's progressively bad performance in regard to its stocks and the users' experience.

In 2018, Tesla and Elon Musk was embroiled in a controversy where he announced that Tesla can go private as it has secured funding.

The shareholders filed a lawsuit against the two entities as there was volatility in the market after the announcement where the investors lost their money.

The jury trial of the lawsuit will begin from January 17th, 2023, but before it, Musk has asked the fedral judge to move the trail from San Francisco to Austin, Texas.

As per his lawyer, Alex Spiro, due to the negative media after Musk implemented layoffs in November 2022, the trial either be shifted to Texas or postpone the trial.

In 2018, Tesla and Elon Musk was heavily penalized after falsifying the Twitter claims by the Securities and Exchange Commission.

Elon Musk was fired from the Chairman post at the Tesla board and Tesla and Elon Musk was separately fined $20 million.

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