Jury finds Elon Musk not liable for misleading investors by tweeting about taking Tesla private
A U.S. jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had lined up funding to take the electric car company private.
The world’s second-richest person has previously created legal and regulatory headaches through his sometimes impulsive use of Twitter, the social media company he bought for $44 billion in October. Tesla shareholders claim Musk misled them when he tweeted on Aug. 7, 2018, that he was considering taking the company private at $420 per share, a premium of about 23% to the prior day’s close, and had “funding secured.”The stock price soared after the tweets and then fell again after Aug. 17, 2018, as it became clear the buyout would not happen.
“This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk,” the shareholders’ lawyer Nicholas Porritt said during closing arguments.During the three-week trial, Musk spent nearly nine hours on the witness stand, telling jurors he believed the tweets were truthful. He said he had lined up the necessary financing, including a verbal commitment from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk surprise appearance as Tesla tweet trial wraps up - Terrace StandardA high-profile trial focused on a 2018 tweet about the financing for a Tesla buyout that never happened drew a surprise spectator Friday — Elon Musk, the billionaire accused of misleading investors with his usage of the Twitter service he now owns.
Read more »
Elon Musk listens while vilified, hailed as tweet trial endsAs he sat stoically in court, Elon Musk on Friday was both vilified as a rich narcissist whose reckless behavior risks “anarchy” and hailed as a visionary looking out for the “little guy.”
Read more »
Securities fraud trial over Elon Musk's 2018 tweet draws to a close | CBC NewsA lawyer for Tesla shareholders who claim Elon Musk deceived them when he tweeted that he had secured funding to take his electric car company private is expected to make closing arguments to a San Francisco jury on Friday.
Read more »
How investors can ride the EV boom without betting on Elon MuskShould investors wait before betting on EVs? Or is it time to plunge into assets that could benefit from the EV revolution? Read on.
Read more »
How investors can ride the EV boom without betting on Elon MuskShould investors wait before betting on EVs? Or is it time to plunge into assets that could benefit from the EV revolution? Read on.
Read more »
How investors can ride the EV boom without betting on Elon MuskShould investors wait before betting on EVs? Or is it time to plunge into assets that could benefit from the EV revolution? Read on.
Read more »