JUST IN: A San Francisco jury found Elon Musk and Tesla not liable of securities fraud over a 2018 tweet in which Musk wrote that he had 'funding secured' to take the electric carmaker private.
and Tesla not liable of securities fraud over a 2018 tweet in which Musk wrote that he had "funding secured" to take the electric carmaker private.: This is a victory for Musk, who has openly pushed back on the U.S. Securities and Exchange Commission's argument that he broke the law .Musk has played fast and loose with his business-related tweets over the years — at times getting away with claiming they're just social media posts, and at times getting in trouble with the law.
Musk has since claimed that he believed Saudi Arabia's sovereign wealth fund had committed to back the effort, and that more broadly securing capital wouldn't be a barrier in any case. Still, investors sued him and Tesla for fraud by knowingly or recklessly making the public claims, and causing them investment losses.
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