Elon Musk has been cleared of any wrongdoing on claims he defrauded Tesla investors.
The first 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 backing. SAN FRANCISCO, CALIFORNIA - FEBRUARY 03: Tesla CEO Elon Musk leaves the Phillip Burton Federal Building on February 03, 2023 in San Francisco, California. Closing arguments have wrapped up in the trial where investors are suing Tesla and Elon Mus"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," Musk tweeted Friday afternoon.
Despite not being 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.like everyone else," said Nicholas Porritt, a lawyer for the Tesla shareholders. 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 funding secured from Saudi Arabia's Public Investment Fund to take the company private, eight years after it was publicly held. Musk defended his tweets as well-intentioned and "had no ill motive."The Associated Press contributed to this report. This story is breaking and will be updated with more information
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Jury clears Elon Musk of wrongdoing related to 2018 Tesla tweetsA jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla.
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Jury Clears Elon Musk of Wrongdoing Related to 2018 Tesla TweetsA jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla.
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Jury clears Elon Musk of wrongdoing related to 2018 Tesla tweetsIn 2018, Musk tweeted that he had the financing to take Tesla private even though it turned out he hadn’t gotten an iron-clad commitment for an aborted deal that would have cost $20 billion to $70 billion to pull off.
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Elon Musk cleared of wrongdoing in trial over 2018 Tesla tweetsElon Musk has been cleared of any wrongdoing on claims he defrauded Tesla investors.
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Jury clears Musk of wrongdoing related to 2018 Tesla tweetsElon Musk, the CEO of both Tesla and Twitter, made a surprise appearance in a San Francisco federal courtroom during a high-profile trial focused on a 2018 tweet about the financing for a Tesla buyout that never happened.
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Jury clears Musk of wrongdoing related to 2018 Tesla tweetsSAN FRANCISO (AP) — A jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla. The verdict by the nine jurors was reached after less that two hours of deliberation following a three-week trial and represents a major vindication for Musk.
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