Elon Musk is cleared of wrongdoing for tweeting had 'funding secured' to take Tesla private, avoiding billions in damages

1 month ago 18

A jury has decided Elon Musk didn’t deceive investors with tweets in 2018.

The verdict by the nine jurors was reached after less that two hours of deliberation following a three-week trial.

The trial pitted Tesla investors represented in a class-action lawsuit against Musk, who is CEO of both the electric automaker and the Twitter service he bought for for $44 billion a few months ago.

In 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.

It’s a major vindication for Musk, whose integrity was at stake as well part of a fortune that has established him as one of the world’s richest people. He could have been saddled with a bill for billions of dollars in damages had the jury found him liable for the 2018 tweets that had already been deemed falsehoods by the judge presiding over the trial.

Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

Read Entire Article