Elon Musk was not liable for damages to Tesla's stock based on a 2018 tweet, a jury ruled Friday.
The jury concluded that the lawsuit filed by investors against Musk failed to prove that his Aug. 7, 2018, tweet claiming that he was"taking Tesla private at $420" and that"funding was secured" was damaging to the investors.
This tweet, which has lingered more than four years after its initial posting, led to a Securities and Exchange Commission ruling that forced Musk to settle and have a lawyer review his tweets.The investors' lawyers said they were"disappointed with the verdict and considering next steps," according to CNBC.
"He doesn't think ahead of time in that rushed moment that this could be interpreted differently and what it means to him," Musk's attorney told the jury on Friday."In that moment, he didn't think, 'How could my words be interpreted differently by you than it means to me.'"Musk testified during the trial, noting his thought process and intent. He also admitted that he would have sold shares in SpaceX to finance a going private deal for Tesla.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk cleared of wrongdoing in trial over 2018 Tesla tweetElon Musk has been cleared of any wrongdoing on claims he defrauded Tesla investors.
Read more »
Jury clears Elon Musk of wrongdoing related to 2018 Tesla tweetsA jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla.
Read more »
Jury Clears Elon Musk of Wrongdoing Related to 2018 Tesla TweetsA jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla.
Read more »
Jury clears Elon Musk of wrongdoing related to 2018 Tesla tweetsIn 2018, Musk tweeted that he had the financing to take Tesla private even though it turned out he hadn’t gotten an iron-clad commitment for an aborted deal that would have cost $20 billion to $70 billion to pull off.
Read more »
Elon Musk cleared of wrongdoing in trial over 2018 Tesla tweetsElon Musk has been cleared of any wrongdoing on claims he defrauded Tesla investors.
Read more »
Elon Musk wins securities fraud case over 2018 tweetJUST IN: A San Francisco jury found Elon Musk and Tesla not liable of securities fraud over a 2018 tweet in which Musk wrote that he had 'funding secured' to take the electric carmaker private.
Read more »