US Jury on Tesla Tweets Not Fraud: Tesla and SpaceX CEO Elon Musk has great relief in the matter of an old tweet. The US jury on Friday (February 3) found that Tesla Inc CEO Elon Musk and his company are not responsible for misleading investors.
Musk tweeted in 2018 that he had money secured to take the electric car company private. The investors sued Elon Musk, Tesla and the company’s board of directors and demanded damages.
Jury verdict on Elon Musk’s tweet
The American jury has not found Elon Musk’s tweet about Tesla in 2018 a fraud. After about two hours of deliberation, the jury returned a unanimous verdict. In a federal civil trial in San Francisco over the past three weeks, lawyers for Tesla and Musk argued that he was such a successful businessman that he could easily raise the money to take Tesla private.
What did Elon Musk say?
Musk was not present in the courtroom when the jury’s decision was read, but he tweeted his thanks for the jury’s decision. He said: “Thank God, the wisdom of the people has won.” Tesla shares rose 1.6 percent in after-hours trading after the decision.
The investor’s lawyer expressed disappointment
Meanwhile, Nicolas Porritt, a lawyer for the investors, said in a statement: “We are disappointed by the decision and are considering the next steps.” During the debate, Porritt said the billionaire businessman and Tesla CEO is not above the law and should be held accountable for the 2018 tweet.
What’s the whole deal?
This whole thing is from August 2018, when Elon Musk tweeted that he has enough money to make Tesla a private company. After which there was a large increase in the company’s share price. The stock market had to go through a lot of turmoil. Elon Musk was then sued by shareholders for allegedly causing them billions of dollars in damages due to the Twitter post. Billions of rupees were demanded as compensation.
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