A US appeals court on Wednesday (Nov 6) upheld a jury's verdict clearing Tesla CEO Elon Musk and his company of liability over allegations they misled investors when the billionaire posted on social media in 2018 that he had 'funding secured' to take the electric car company private.
Tesla, X and SpaceX's CEO Elon Musk attends the AI Safety Summit at Bletchley Park in Bletchley, UK on Nov 1, 2023.A US appeals court on Wednesday upheld a jury's verdict clearing Tesla CEO Elon Musk and his company of liability over allegations they misled investors when the billionaire posted on social media in 2018 that he had "funding secured" to take the electric car company private.
Lawyers for Tesla shareholders argued the jury instructions were confusing and impermissibly heightened their burden of proof by requiring them to establish Musk knowingly made false statements when he wrote his posts on Twitter, the platform now known as X following Musk's US$44 billion acquisition of it in 2022.
But Wednesday's three-judge panel disagreed, saying that while Musk had been found to have, at a minimum, tweeted recklessly, the question of whether he acted knowingly was still relevant if jurors needed to decide how to apportion damages between the defendants in the case, including Tesla directors.
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