Elon Musk is known for his weird and sometimes controversial Tweets. A lot of times, these tweets have landed him in trouble. One of them was something he wrote in 2018 where he claimed that he will be taking Tesla Inc. private after securing funding for it.
However, many investors said that this tweet was responsible for millions of their losses. Now, a jury has given a clean chit to the 51-year-old billionaire in this case. Let’s find out the details of this case and what exactly happened in court yesterday. Keep reading to know more.
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Elon Musk Gets Clean Chit Over His 2018 Tweet
Elon Musk’s tweets have landed him in trouble with a lot of things. One of them is the 2018 tweet where he claimed that he had secured funding to take Tesla Inc. private. But that didn’t happen.
According to The Hollywood Reporter, on Friday, a jury found the tech mogul is not liable over that tweet. The trial took place at the San Francisco federal court where the jury said that Musk and his company were not responsible for giving out false information.
The plaintiffs wanted billions in compensation but the jury reached a unanimous decision within just two hours of deliberation. Musk, who was not present in court, tweeted afterward: “Thank goodness, the wisdom of the people has prevailed! I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.”
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Musk Was Facing A Fraud Trial For Misleading Investors
In August 2018, Musk tweeted that he had secured funding to take his electric car maker private. This had a significant impact on the company’s share price.
The Tesla CEO was later sued by the shareholders for saying that funding was “secured” as it cost them billions of dollars. Permission to transfer the proceedings to Texas was denied by the judge. Defense lawyers argued that Musk won’t receive a fair trial in San Francisco.
The Securities and Exchange Commission had ordered him to step down as Tesla’s chairman board and to pay a fine of $20 million over his tweet.
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