US jury finds Tesla, Musk not liable in case over take-private tweet
The tweets sent the Tesla share price on a rollercoaster ride and Mr Musk was sued by shareholders who said the tycoon acted recklessly in an effort to squeeze investors who had bet against the company.
Mr Musk testified during the trial that his 2018 tweet about taking Tesla private at US$420 a share was no joke and that Saudi Arabia’s sovereign wealth fund was serious about helping him do it. Tesla and its board were also to blame, because they let Mr Musk use his Twitter account to post news about the company, Mr Porritt argued.
“He wrote two words ‘funding secured’ that were technically inaccurate,” Mr Musk’s attorney Alex Spiro said of his client while addressing jurors.
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