Jury: Musk didn't deceive investors with 2018 Tesla tweets
The verdict by the nine jurors was rendered after less that two hours of deliberation following a three-week alight. It represents a major vindication for Musk, who devoted about eight hours on the witness stand defending his motives for the August 2018 tweets at the inner of the trial.
SAN FRANCISCO - Elon Musk has been cleared of any wrongdoing on claims he defrauded Tesla investors.
Musk, 51, was accused of defrauding investors after tweeting he was considering taking the matter private more than four years ago after he said he secured allow to make such a deal.
The verdict comes by the nine jurors at what time less than two hours of deliberating after the three-week alight, The Associated Press reported.
The civil trial comes at what time Tesla investors filed a class-action lawsuit against the billionaire, saying he misled shareholders in 2018 that they say cost them billions of bucks after a pair of Musk's tweets regarding the deal populate confirmed and the company going private.
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The expedient tweet read "funding secured;" hours later Musk tweeted that the deal was imminent.
After these two tweets, Twitter's stock surged over the course of 10 days, only for Musk to fall back on the deal that indicated he never had guaranteed financial plan backing.
SAN FRANCISCO, CALIFORNIA - FEBRUARY 03: Tesla CEO Elon Musk (C) leaves the Phillip Burton Federal Building on February 03, 2023 in San Francisco, California. Closing arguments have wrapped up in the alight where investors are suing Tesla and Elon Mus
"Thank goodness, the wisdom of the people has prevailed!" Musk tweeted Friday afternoon.
Despite not populate required, Musk showed up in court for the closing arguments. Had he been liable and determined to have committed wrongdoing, Musk and Tesla would have had to pay billions in damages.
"Our society is based on rules…we need principles to save us from anarchy. Rules should apply to Elon Musk like everyone else," said Nicholas Porritt, a lawyer for the Tesla shareholders.
Porritt also accused Musk of having a "loose relationship with the truth."
Musk's own attorney, Alex Spiro, admitted to the 2018 tweets being "technically inaccurate," but said a "bad tweet doesn't make it a fraud."
Musk had initially believed he had the allow secured from Saudi Arabia's Public Investment Fund to take the matter private, eight years after it was publicly held. Musk defended his tweets as well-intentioned and "had no ill motive."
"My intention was to do the right thing for all shareholders," Musk said in a testimony.
Porritt disclosed his disappointment on the verdict, saying in part "People can draw their own conclusion on whether they contemplate it's OK or not."
Porritt also disagreed with the opinion that Musk could've genuinely believed he had a firm commitment to financial plan backing after a short meeting at the Tesla helpful in July 2018, with no written documentation with Saudi Arabia's cash fund governor.
"I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case," Musk announced on Twitter, a company he also owns.
Michael Liedtke with The Associated Press contributed to this report.
