Following a three-week federal trial, Elon Musk has been found not liable for investors’ losses following a 2018 tweet claiming he had secured the funding to take Tesla private. The class-action securities fraud trial was brought forward on the allegation that Musk’s false claim resulted in disastrous losses for shareholders. During his testimony last month, Musk stated that the tweet was true but “not comprehensive.” Later, the judge determined the statement to indeed be false, leaving the jury to determine the extent to which the tweet led shareholders to make subsequent market decisions. During closing arguments, attorney Nicholas Porritt asked, “Can Elon Musk do whatever he wants and not face the consequences?” The jury deliberated for about two hours before revealing their 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,” Musk tweeted after the verdict.
