Elon Musk departs court in San Francisco during the case in which investors sued him and Tesla over his August 2018 tweets about taking Tesla private. Photograph: Benjamin Fanjoy/BloombergA US jury on Friday found Tesla and chief executive Elon Musk not liable in a securities fraud case over a tweet that he had lined up funding to take the electric car company private.
Plaintiffs have claimed billions in damages and the decision also had been seen as important for Mr Musk himself, who has aggressively fought any charges that he was guilty and defended his ability to tweet broadly. The outcome is a bitter loss for the shareholders who sought to recoup trading losses from fluctuations in Tesla shares after Mr Musk posted the messages. The billionaire abandoned the take-private plan about two weeks after his initial tweets.
It’s an especially poignant vindication for Mr Musk after his August 2018 tweets got him and Tesla sued by the US Securities and Exchange Commission and he reluctantly agreed to accept restrictions on his social media posts.
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