Jurors cleared Elon Musk of liability for investors' losses in a fraud trial over his 2018 tweets falsely claiming that he had funding in place to take Tesla private.
The tweets sent the Tesla share price on a rollercoaster ride, and Musk was sued by shareholders who said the tycoon acted recklessly in an effort to squeeze investors who had bet against the company.
"I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case."I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.Attorney Nicholas Porritt, who represents Glen Littleton and other investors in Tesla, had argued in court that the case was about making sure the rich and powerful have to abide by the same stock market rules as everyone else.
But Musk attorney Alex Spiro successfully countered that the billionaire may have erred on wording in a hasty tweet, but that he did not set out to deceive anyone. "To Elon Musk, if he believes it or even just thinks about it then it's true no matter how objectively false or exaggerated it may be," Porritt told jurors.
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