A U.S. jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had lined up funding to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who has aggressively defended his ability to tweet broadly.
and his company were not liable for misleading investors when
tweeted in 2018 that he had lined up funding to take the electric car company private.
Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who has aggressively defended his ability to tweet broadly.
The jury came back with a verdict roughly two hours after beginning deliberations.
“The jury got it right,” Musk’s lawyer, Alex Spiro, told reporters after the verdict. He declined to say more.
Musk was not present in court when the verdict was read.
“We are disappointed with the verdict and are considering next steps,” Nicholas Porritt, a lawyer for the investors, said in a statement.
Shares of Tesla rose 1.7% in after-hours trading following the verdict.
“This is a clear positive with background noise clearing on Tesla from 2018 tweet saga. A dark chapter is now closed for Musk and Tesla,” Wedbush analyst Dan Ives said.
