If found guilty, the tech billionaire could have been responsible for paying out billions in damages.
Tesla co-founder Elon Musk has been found not guilty for a tweet he posted in August of 2018, saying he had "funding secured" to take the electric carmaker back into private ownership.Saturday morning. "Thank goodness, the wisdom of the people has prevailed!" the billionaire said."I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case.
It has been reported that the nine jurors in the case took less than two hours to reach their verdict on Friday afternoon. The trial centered around one particular post: Musk's tweet on 7 August 2018 that said "Am considering taking Tesla private at $420. Funding secured."I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.During the class-action lawsuit, plaintiffs argued that Musk had lied when he tweeted later in the same day that "investor support is confirmed.
These statements led to Tesla's stock price surging and then falling back again as it became clear the deal would not go through.It wasn't just the shareholders that were upset.
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