A jury in San Francisco ruled Friday that Tesla’s chief executive did not mislead investors with two tweets posted in August 2018 about a Tesla acquisition that ultimately never happened.
Elon Musk and Tesla have been cleared of breach of duty following a lawsuit over the billionaire’s tweets that investors say caused billions of dollars in damage to the social media platform.
According to the Guardian website, after less than two hours of deliberations that ended a three-week trial, a jury in San Francisco ruled Friday that Tesla’s chief executive did not mislead investors with two tweets posted in August 2018 about a takeover. of Tesla which ultimately never happened.
Musk had tweeted that he planned to buy the electric car maker for $420 per share and that he had “secured financing” to do so. The posts sent the company’s shares soaring for 10 days before retreating after Musk abandoned the project, according to what investors said was a sell-off.
The ruling marks a major victory for Musk, who has been embroiled in several court cases as a result of the lawsuits. In all cases he has denied any wrongdoing and has defended his right to tweet freely.
In that case, the billionaire testified that his tweets were a democratic way of communicating and did not always affect Tesla stock in the way he expected. “Just because I tweet something doesn’t mean people are going to believe it or act on it,” he told jurors.
“Thank God, the wisdom of the people prevailed!” Musk tweeted after the verdict. “I deeply appreciate the jury’s unanimous finding of not guilty in the Tesla 420 private buyout case,” he added.
Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
