Attorneys for Tesla Inc (NASDAQ:TSLA) and Elon Musk have requested that a federal trial scheduled to take place in Northern California be moved to Western Texas, according to CNBC.
The trial is a shareholder class action lawsuit which alleges that Musk manipulated Tesla's stock in 2018 when he tweeted that he was considering taking the company private at $420 per share and had "funding secured" to do so.
This caused Tesla's stock to become highly volatile in the weeks following the tweets.
The trial will determine if these tweets had an impact on shareholders and the company's share price and whether Musk or the company should be held liable and pay damages, CNBC said.
In the motion to transfer venue, the attorneys argued that Musk has received negative publicity in California after taking over Twitter in October 2022 and implementing a series of chaotic firings and layoffs, the American news outlet added.