Musk found not guilty of fraud over Tesla tweet
Tesla founder Elon Musk has been cleared of wrongdoing for a tweet in which he said he had "funding secured" to take the electric carmaker private.
"I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case."Central to the lawsuit was Mr Musk's tweet on 7 August 2018: "Am considering taking Tesla private at $420. Funding secured." Investor losses were calculated as high as $12bn, according to an economist hired by the shareholders.
During his nearly nine hours on the witness stand, the world's second-richest man said: "Just because I tweet something does not mean people believe it or will act accordingly."Just a 'bad tweet'? Mr Musk said he eventually scrapped the plan to take Tesla private after his discussions with smaller investors led him to believe they would prefer that the firm remain publicly traded.
Mr Musk was generally calm during his testimony - though at times he appeared annoyed at the line of questioning.
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