Summary: Elon Musk and Tesla have been found not liable in a case against them based off the CEO’s 2018 tweet about taking the car company private. The plaintiffs, Tesla investors, were suing for damages resulting from losses caused by the tweet.
Elon Musk has been found not liable in a case caused by his “funding secured” Tweet from 2018, which indicated that he was planning to take the company private.
“Am considering taking Tesla private at $420. Funding secured,” the exact Tweet had said. It immediately raised a flag among financial analysts who felt that the disclosure amounted to stock manipulation. Not long after his Tweet, investors lost money for taking his word as gospel.
The official trial began in January 2023 and after three weeks, the jury sat down and listened to testimonies before deliberating and announcing the verdict.
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Musk was relieved after the trial and tweeted that he appreciated the verdict.
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.
— Elon Musk (@elonmusk) February 3, 2023
If he had lost, Musk and his car company would have been liable to pay billions in damages. However, despite the plaintiffs lawyers arguing that Musk’s tweets came at a time when he was nowhere near acquiring the needed funding to go private, the jury still found him innocent.
The case had not being about the truthfulness of the tweet, as that was established already. In fact, the SEC had filed a case against Musk back then and got him to pay a $20 million fine.
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