BREAKING: A jury has decided Elon Musk didn't deceive investors with 2018 tweets in which he declared he had financing to take Tesla private.
The tweets caused Twitter’s stock to surge during a 10-day period covered by the lawsuit before falling back after Musk abandoned a deal in which he never had a firm financing commitment, based on evidence presented during the three-week trial.
Alex Spiro, Musk’s attorney, conceded the 2018 tweets were “technically inaccurate.” But he told the jurors, “Just because it’s a bad tweet doesn’t make it a fraud.” Porritt, meanwhile, scoffed at the notion that Musk could have concluded he had a firm commitment after a 45-minute meeting at a Tesla factory on July 31, 2018, with Yasir al-Rumayyan, governor of Saudi Arabia’s wealth fund, given there was no written documentation.
Spiro, though, pointed to Musk’s track record helping to start and run a list of companies that include digital payment pioneer PayPal and rocket ship maker SpaceX, in addition to Tesla. The automaker based in Austin, Texas, is now worth nearly $600 billion, despite a steep decline in its stock price last year amid concerns that Musk’s purchase of Twitter would distract him from Tesla.
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