Musk cleared in fraud trial
- last year
MUSK CLEARED IN FRAUD TRIAL
After deliberating for nearly two hours, jurors returned to the San Francisco courtroom on Friday, Feb. 3, 2024, and cleared Elon Musk of liability for investors' losses in a fraud trial over his 2018 tweets falsely claiming that he had funding in place to take Tesla private. The tweets sent the Tesla share price on a rollercoaster ride, and Musk was sued by shareholders who said the tycoon acted recklessly in an effort to squeeze investors who had bet against the company. Attorney Nicholas Porritt, who represents Glen Littleton and other investors in Tesla, had argued in court that the case was about making sure the rich and powerful have to abide by the same stock market rules as everyone else. But Musk attorney Alex Spiro successfully countered that the billionaire may have erred on wording in a hasty tweet, but that he did not set out to deceive anyone. The case revolved around a pair of tweets in which Musk said "funding secured" for a project to buy out the publicly-traded electric automaker, then in a second tweet added that "investor support is confirmed." Musk did not intend to deceive anyone with the tweets, and had the connections and wealth to take Tesla private, Spiro contended.
PHOTOS BY: AP
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After deliberating for nearly two hours, jurors returned to the San Francisco courtroom on Friday, Feb. 3, 2024, and cleared Elon Musk of liability for investors' losses in a fraud trial over his 2018 tweets falsely claiming that he had funding in place to take Tesla private. The tweets sent the Tesla share price on a rollercoaster ride, and Musk was sued by shareholders who said the tycoon acted recklessly in an effort to squeeze investors who had bet against the company. Attorney Nicholas Porritt, who represents Glen Littleton and other investors in Tesla, had argued in court that the case was about making sure the rich and powerful have to abide by the same stock market rules as everyone else. But Musk attorney Alex Spiro successfully countered that the billionaire may have erred on wording in a hasty tweet, but that he did not set out to deceive anyone. The case revolved around a pair of tweets in which Musk said "funding secured" for a project to buy out the publicly-traded electric automaker, then in a second tweet added that "investor support is confirmed." Musk did not intend to deceive anyone with the tweets, and had the connections and wealth to take Tesla private, Spiro contended.
PHOTOS BY: AP
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