Jurors on Friday cleared Elon Musk of liability for investors’ losses in a fraud trial over his 2018 tweets falsely claiming that he had funding in place to take Tesla private.
SAN FRANCISCO, United States —
“Thank goodness, the wisdom of the people has prevailed!” tweeted Musk, who had tried but failed to get the trial moved to Texas on the grounds jurors in California would be biased against him. “Elon Musk published tweets that were false with reckless disregard as to their truth,” Porritt told the panel of nine jurors during closing arguments.
Spiro also portrayed the mercurial entrepreneur, who now owns Twitter, as having had a troubled childhood and having come to the United States as a poor youth chasing dreams.Musk testified during three days on the witness stand that his 2018 tweet about taking Tesla private at $420 a share was no joke and that Saudi Arabia’s sovereign wealth fund was serious about helping him do it.
The case revolved around a pair of tweets in which Musk said “funding secured” for a project to buy out the publicly-traded electric automaker, then in a second tweet added that “investor support is confirmed.”
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