Key takeaways:
- Elon Musk was found not guilty of deceiving investors with tweets in 2018.
- The case centered around Musk’s 2018 tweet that he had the financing to take Tesla private.
- The verdict is seen as a victory for Musk and a sign that the courts are willing to give tech executives some leeway when it comes to their public statements.
A jury has found Elon Musk not guilty of deceiving investors with tweets in 2018. The trial, which was held in San Francisco, 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 $44 billion a few months ago.
The case centered around Musk’s 2018 tweet 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.
The jury deliberated for less than two hours before reaching their verdict, which is a major vindication for Musk, whose integrity was at stake as well part of a fortune that has made him one of the world’s richest people.
The trial was closely watched by investors and Silicon Valley executives, who were eager to see how the case would play out. The verdict is seen as a victory for Musk and a sign that the courts are willing to give tech executives some leeway when it comes to their public statements.
The case is now closed, and Musk is free to continue leading Tesla and Twitter without the threat of legal action hanging over his head.
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