'420 price was not a joke': trends now

'420 price was not a joke': trends now
'420 price was not a joke': trends now

'420 price was not a joke': trends now

Billionaire Elon Musk was forced to deny his infamous tweet selling Tesla shares for $420 was a joke about pot as he stood trial for misleading investors. 

Musk hit headlines in 2018 when he claimed on Twitter he was considering taking the electric car company private and that he already had the funding secured. 

Skeptics had raised eyebrows at the 420 figure as it is popular street code for marijuana, dating back to the 1970s. 

Court sketching captures Elon Musk defending claims he misled investors with 2018 tweet claiming Tesla might go private, with shares selling for $420 a piece

Court sketching captures Elon Musk defending claims he misled investors with 2018 tweet claiming Tesla might go private, with shares selling for $420 a piece 

Musk insisted '$420 was not a joke', claiming the figure was a 'coincidence' rather than a nod to marijuana use

Musk insisted '$420 was not a joke', claiming the figure was a 'coincidence' rather than a nod to marijuana use

But taking to the stand in San Francisco on Monday, Musk categorically denied the tweet had been an inside joke for pot enthusiasts and said the number was a 'coincidence'.

It represented the stock price at the time plus a 20 percent premium, he claimed.

The 51-year-old Twitter owner told the federal court: '420 was not a joke. There is some karma around 420 although I should question if that is good or bad karma at this point.'

Why is Musk on trial?
 Billionaire Twitter owner Elon Musk is facing claims he misled investors over a tweet he sent in 2018 in which he said he was considering taking electric car company Tesla private In the now-infamous post, he told followers Tesla shares would be sold for $420 - a figure which is common code for marijuana use  The post caused Tesla's stock price to skyrocket then promptly fall when it became clear the deal wasn't happening - causing investors to lose millions Prosecutors say the declaration that the funding was 'secured' was misleading as no deal had been approved Musk's lawyers must prove the tweets did not damage Tesla shareholders 

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Nicholas Porritt, a lawyer representing Tesla shareholders, had explicitly asked Musk if he chose the 420 figure 'because it was a joke your girlfriend enjoys.'

It is not known why 420 became common slang for pot, though many theories exist including one claiming the figure was historically used as a radio shortcut for the drug by

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