Elon Musk found not guilty in trial for Tesla actions

Elon Musk, chief executive of electric car maker Tesla, was found not liable by the jury in the lawsuit filed against him for allegedly harming investors due to a Twitter post he made in 2018.

During the three-week trial in San Francisco Federal Court, jurors heard testimony from the plaintiff and Tesla executives, including Musk, and Musk’s financial advisers.

The jury, which reached a decision at the end of the hearing, did not find Musk guilty of harming Tesla investors because of his tweet from about 4.5 years ago.

DECIDED THAT THERE IS NO CONNECTION BETWEEN THE SHARE AND THE SHARE MOVEMENTS,

Tesla CEO Musk stated in a 2018 Twitter post that he was considering taking the company off the stock market by paying $420 per share, and the funds were secured for this.

Tesla investors, on the other hand, filed a lawsuit against Musk, alleging that they were deliberately misled by the action and suffered billions of dollars in losses due to the imbalance in Tesla’s stock.

Elon Musk, in his defense that went on for about 3 days, which he completed last week, argued that there was no connection between his tweets and Tesla’s stock price movements.

When Musk made the aforementioned post, he said that he received a verbal commitment from the Saudi Arabian Public Investment Fund to finance Tesla’s withdrawal from the stock market.

Stating that another reason for claiming he provided financing in his tweet was that he could sell SpaceX shares, Musk explained that he did not intend to mislead investors with his involvement.

Musk also concluded his statement by stating that he had no bad intentions in sharing and tweeted to inform investors and “do the right thing.” (AA)