<p>Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months. According to Bloomberg Billionaire Index, Elon Musk's wealth increased by about $10.6 billion to $145.2 billion since Friday, when he officially took the stand in the court of a San Francisco judge.</p>

<p>Elon Musk is currently facing a securities fraud lawsuit whose origin go back to August 2018 when Musk had tweeted that he was considering taking Tesla private at $420 and that he had secured the funding for it.</p>

<p><strong>ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/us-elon-musk-loses-200-billion-in-a-year-entered-2022-with-340-billion-548392">Elon Musk loses $200 billion in a year, entered 2022 with $340 billion</a></strong></p>

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<p>Musk eventually did not take Tesla private. Investors who have sued Musk argue that his claims about having secured the funding and not making Tesla a privately-owned entity amount to lies that resulted in losses for them. Musk claims that there is no link as such between his tweets and the move of share prices. Instead, Musk claimed that the Saudi Arabia-based Public Investment Fund "unequivocally wanted to take Tesla private" and accused Yasir Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund of going back on his word.</p>

<p>Tesla stock rose as much as 13.3% on the day of the take-private tweet, Bloomberg reported.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-testifies-in-second-day-of-tesla-tweet-trial-says-buying-share-at-420-was-no-joke-555339">Elon Musk testifies in second day of Tesla tweet trial; says buying share at $420 was no joke</a></strong></p>

<p>According to a transcript disclosed in the court, Musk admitted to Saudi investors in 2018 that he did not own enough of Tesla to take it private by his own.</p>

<p>Musk said he owned around 19 per cent of Tesla at the time, according to the transcript. He now owns about 13 per cent, after selling almost $40 billion since late 2021 to pay taxes and help fund his Twitter acquisition.</p>

<p>By the end of 2023, Elon Musk became&nbsp;the first person in history to lose $200 billion from his net worth. According to Bloomberg Billionaire Index, he is now down about $195 billion from his peak.</p>

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Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months.

Amid trial about Elon Musk's August 2018 tweet on making Tesla a privately-owned entity, the wealth of Tesla founder and new Twitter owner has increased by the most in last two months. According to Bloomberg Billionaire Index, Elon Musk's wealth increased by about $10.6 billion to $145.2 billion since Friday, when he officially took the stand in the court of a San Francisco judge. Elon Musk is currently facing a securities fraud lawsuit whose origin go back to August 2018 when Musk had tweeted that he was considering taking Tesla private at $420 and that he had secured the funding for it. ALSO WATCH | Elon Musk loses $200 billion in a year, entered 2022 with $340 billion × Musk eventually did not take Tesla private. Investors who have sued Musk argue that his claims about having secured the funding and not making Tesla a privately-owned entity amount to lies that resulted in losses for them. Musk claims that there is no link as such between his tweets and the move of share prices. Instead, Musk claimed that the Saudi Arabia-based Public Investment Fund "unequivocally wanted to take Tesla private" and accused Yasir Al-Rumayyan, the governor of Saudi Arabia's sovereign wealth fund of going back on his word. Tesla stock rose as much as 13.3% on the day of the take-private tweet, Bloomberg reported. ALSO READ | Elon Musk testifies in second day of Tesla tweet trial; says buying share at $420 was no joke According to a transcript disclosed in the court, Musk admitted to Saudi investors in 2018 that he did not own enough of Tesla to take it private by his own. Musk said he owned around 19 per cent of Tesla at the time, according to the transcript. He now owns about 13 per cent, after selling almost $40 billion since late 2021 to pay taxes and help fund his Twitter acquisition. By the end of 2023, Elon Musk became the first person in history to lose $200 billion from his net worth. According to Bloomberg Billionaire Index, he is now down about $195 billion from his peak. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's wealth rises by $10.6 billion amid Tesla tweet trial

<p>Elon Musk will face an unexpected adversary in a US court next week. Richard Tornetta, a small&nbsp;Tesla shareholder and drummer for 'Dawn of Correction', a Philadelphia-based thrash metal band who played in concerts in the mid-2000s, has sued Elon Musk's Tesla, calling its pay packet "unfair".&nbsp;</p>

<p>Tornetta in a 2018 lawsuit had alleged that Tesla's pay packet, which is based on company performance targets, is unfair due to the targets being set particularly low, enabling Musk to earn tens of billions.&nbsp;</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/elon-musk-faces-trial-over-56-billion-pay-package-532116">Elon Musk faces trial over $56 billion pay package</a></strong></p>

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<p>The lawsuit survived a motion to dismiss and is scheduled to go to court on Monday, November 14.&nbsp;It sets up the clash between the world's richest person against one of Tesla’s smallest investors, Richard Tornetta, who held just nine shares of the electric carmaker firm when he filed the suit in 2018.<br />
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Tornetta has argued in his 96-page legal brief that the Tesla board failed to perform its fiduciary duty to minority investors by green-lighting “the largest compensation grant in human history”. The compensation, however, was put to a shareholder vote and approved.</p>

<p>The trial will be heard before the same Delaware judge who directed Musk to honor his contract with Twitter’s board to purchase the social media company.&nbsp;</p>

<p>"The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing," a Reuters report says.&nbsp;</p>

<p>"Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers.</p>

<p>"Musk and the directors argue in court filings that the package kept Musk focused on Tesla during a difficult period and led to a 10-fold rise in the stock price."</p>

<p>If the lawsuit succeeds, it will strip Musk of his $56 billion pay via his stock grants, money which will benefit Tesla, rather than go to Tornetta directly.</p>

<p>Tornetta's Dawn Of Correction band was formed in 2005, releasing one album, Dead Hand Control, in 2008, before splitting a year later.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Elon Musk will face an unexpected adversary in a US court next week. Richard Tornetta, a small Tesla shareholder and drummer for 'Dawn of Correction', a Philadelphia-based thrash metal band who played in concerts in the mid-2000s, has sued Elon Musk's Tesla, calling its pay packet "unfair".

Elon Musk will face an unexpected adversary in a US court next week. Richard Tornetta, a small Tesla shareholder and drummer for 'Dawn of Correction', a Philadelphia-based thrash metal band who played in concerts in the mid-2000s, has sued Elon Musk's Tesla, calling its pay packet "unfair". Tornetta in a 2018 lawsuit had alleged that Tesla's pay packet, which is based on company performance targets, is unfair due to the targets being set particularly low, enabling Musk to earn tens of billions. WATCH | Elon Musk faces trial over $56 billion pay package × The lawsuit survived a motion to dismiss and is scheduled to go to court on Monday, November 14. It sets up the clash between the world's richest person against one of Tesla’s smallest investors, Richard Tornetta, who held just nine shares of the electric carmaker firm when he filed the suit in 2018. Tornetta has argued in his 96-page legal brief that the Tesla board failed to perform its fiduciary duty to minority investors by green-lighting “the largest compensation grant in human history”. The compensation, however, was put to a shareholder vote and approved. The trial will be heard before the same Delaware judge who directed Musk to honor his contract with Twitter’s board to purchase the social media company. "The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing," a Reuters report says. "Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers. "Musk and the directors argue in court filings that the package kept Musk focused on Tesla during a difficult period and led to a 10-fold rise in the stock price." If the lawsuit succeeds, it will strip Musk of his $56 billion pay via his stock grants, money which will benefit Tesla, rather than go to Tornetta directly. Tornetta's Dawn Of Correction band was formed in 2005, releasing one album, Dead Hand Control, in 2008, before splitting a year later. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk faces trial against heavy metal drummer over $56 billion paycheck

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Elon Musk's wealth rises by $10.6 billion amid Tesla tweet trial

Elon Musk faces trial against heavy metal drummer over $56 billion paycheck