Friday’s verdict after a three-week trial in which Musk was the star witness shows that the entrepreneur once dubbed “Teflon” Elon for his ability to escape unscathed from legal scraps is still on a roll.
I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.The outcome is a bitter loss for the shareholders who sought to recoup trading losses from fluctuations in Tesla shares after Musk posted the messages.It’s an especially poignant vindication for Musk after his August 2018 tweets got him and Tesla sued by the US Securities and Exchange Commission and he reluctantly agreed to accept restrictions on his social media posts.
That’s because other CEOs will continue to use conventional methods to communicate about company business, he said.“He’s incorrigible. I don’t think his behaviour can be reformed. There’s just too long of a track record of too much mischief.”At one point while the billionaire was on the stand, the lead lawyer for the shareholders mistakenly referred to Musk as “Mr. Tweet,” a name he seemed to enjoy and briefly embraced as the handle for his Twitter account.
Musk testified that the “funding secured” tweet was “absolutely truthful,” touting what he described as an “unequivocal” commitment by Saudi Arabia even though he had nothing in writing.He said he felt compelled to reveal that he was considering taking Tesla private because earlier that day, the Financial Times reported that Saudi Arabia was building a sizable stake in Tesla.
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