A jury in San Francisco on Friday cleared Tesla founder Elon Musk in a case of alleged fraud over his tweets in 2018, Reuters reported.
Musk in a series of tweets that year had proposed to take Tesla private and claimed he had secured funding to do so.
His tweets had caused Tesla’s stock price to jump by over 11% initially but fell about 7% over the next two days as investors questioned the feasibility of the idea.
The 51-year-old was sued by investors, who accused him of committing fraud by making false public statements with the potential to hurt shareholders.
On Friday, the nine-member jury reached its verdict after a three-week trial. Musk, too, had appeared in court for closing arguments, according to The Guardian.
In his testimony earlier this week, Musk insisted that he believed he had secured funds from Saudi Arabia’s Public Fund to take Tesla private, reported the Associated Press.
“I had no ill motive,” Musk said during his testimony. “My intent was to do the right thing for all shareholders.”
Soon after the verdict, Musk in a tweet wrote: “Thank goodness, the wisdom of the people has prevailed!”
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!