US jury finds Tesla CEO Elon Musk not liable in 2018 Tesla tweet trial

Elon Musk News: In the United States, a case is being made about Tesla and the CEO of Twitter, Elon Musk, included in the list of the richest people in the world. The American jury found out about this on Friday (February 3). The US jury in the case decided that Elon Musk was “not responsible” for the losses caused to investors. Actually, this whole thing is about a tweet made by him in 2018.

Musk is accused that in 2018 he tweeted about taking Tesla private, because of which there was a huge upheaval in the stock market and because of this, investors had to suffer losses. He tweeted that he has so many funds that he will make Tesla a private company. For this, he set the price of a share at $420. Many shareholders alleged that Musk made this tweet just to boost his company’s stock price.

Elon Musk stayed on his side

According to a New York Times report last week, while clarifying the matter, Elon Musk said that he is such a successful businessman that he could easily raise funds. Tesla shares rose 11 percent to a high of US$387.46 following Musk’s tweet. After this, he saw a dip and held at $344 (USD). When it became known that the funding is low, it went down to 263.24 in a month and has not been able to reach 420 dollars until now.

‘Musk’s remarks did no harm’

However, now Musk is relieved in this matter. The nine-member jury of seven men and two women, deliberating for about an hour, decided that Musk’s remarks did not hurt investors. Throughout the trial, lawyers for the investors argued that Musk knew Tesla was nowhere near going private because no individual or investment fund had put up good money for the deal.

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