After five years in court, Jury clears Elon Musk of fraud over 2018 tweets
Elon Musk, the CEO of Tesla, has been cleared of a fraud charge against him over alleged responsibility for his shareholder losses due to a 2018 tweet.
The Tesla chief confirmed the development in a tweet after a Friday court hearing of the case.
“Thank goodness, the wisdom of the people has prevailed!” tweeted Musk.
Musk, in a tweet in 2018, had claimed he had money for a takeover of the electric car manufacturer, a development that plunged the company’s stock price.
Read also:Tesla investors react, as car owners slam Elon Musk over 20% EV price cut
Tesla shareholders, reacting to the claim, sued Musk under the premises that the billionaire acted recklessly to punish investors who had bet against the firm.
Musk, during his testimony, insisted that he believed a funding agreement had been reached based on his conversations with the Saudi sovereign wealth fund.
Court documents established that the fund’s chief only texted Musk a few days after the initial tweet to make it obvious that no agreement had been reached.
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