A jury on Friday decided Elon Musk didn’t defraud investors with his 2018 tweets about electric automaker Tesla in a proposed deal that quickly unraveled and raised questions about whether the billionaire had misled investors.
PUBLISHED 1:08 PM EST Feb. 03, 2023SAN FRANCISO —
Musk, 51, wasn't on hand for the brief reading of the verdict but he made a surprise appearance earlier Friday for closing arguments that drew starkly different portraits of him. During their discussion with Porritt, the jurors told them they found Musk's testimony that he believed he had lined up the money from Saudi Arabia's Public Investment Fund without a written commitment to be credible. They also expressed doubt about whether Musk's tweeting was the sole reason for the swings in Tesla's stock price during a 10-day period in August 2018 covered in the case.
That determination, made last year by U.S. District Judge Edward Chen, left the jury to decide whether Musk had been reckless with his tweeting and acted in a way that hurt Tesla shareholders. Over the course of a one-hour presentation, Porritt had implored the jurors to rebuke Musk for his “loose relationship with the truth.”
During roughly eight hours on the stand earlier in the trial, Musk insisted he believed he had lined up the funds from Saudi Arabia’s Public Investment Fund to take Tesla private after eight years as a publicly held company. He defended his initial August 2018 tweet as well-intentioned and aimed at ensuring all Tesla investors knew the automaker might be on its way to ending its run as a publicly held company.Spiro echoed that theme in his closing argument.
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