Tesla CEO Elon Musk was found not liable in a shareholder class action suit stemming from 2018 tweets in which he said he was considering taking Tesla private.
"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 earlier on Friday. "In that moment he didn't think, 'how could my words be interpreted differently by you than it means to me.'"
"You have to assess this in context – he's considering taking it private and the issue is will it actually take it forward," Musk's attorney said. "No fraud has ever been built on the back of a consideration." Attorneys for the shareholders and Musk's lead counsel did not immediately respond to requests for comment.
The shareholders in the certified class action lawsuit include a mix of stock and options buyers who allege that Musk's tweets were reckless and false, and that relying on his statements to make decisions about when to buy or sell cost them significant amounts of money., and thought funding would come through at his proposed price based on a handshake. However, the deal never materialized.
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