Elon Musk was reportedly cleared by a federal jury's verdict that his 'funding secured' tweet in 2018 didn't harm Tesla investors
Elon Musk was reportedly vindicated late Friday Friday when a federal jury found that Tesla investors failed to prove that he derailed them with a 2018 tweet that he hadThe nine-person jury arrived at the conclusion shortly after deliberations started,The verdict was the culmination of a civil trial in San Francisco federal court, in which jurors heard testimony from high-profile witnesses
Nicholas Porritt of Levi & Korsinsky LLP, an attorney for Tesla's shareholders, had challenged that narrative. In closing arguments Friday, Porritt told the jury that a conversation over financing, which he estimated could be to the tune of $60 billion, would have had to at least be put in writing, yet Musk took no notes.
Musk's tweet, which he posted in August 2018, read,"Am considering taking Tesla private at $420. Funding secured." Before the trial, US District Judge Edward Chen had ruled that the billionaire's tweets should be considered"untrue," but that jurors had to decide if they were"material." In securities parlance, that meant jurors had to consider whether Musk's statements were significant enough to influence investors' trading choices., who in September 2018 extracted a $40 million penalty from Musk and the company, and said he could no longer helm Tesla's board.
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