🔴 Elon Musk has been cleared of fraud for tweeting he had “funding secured” to privatise Tesla
, has been cleared of fraud for tweeting he had “funding secured” to privatise the electric car company which did not happen.Mr Musk was not present in court when the verdict was read but soon tweeted that he was “deeply appreciative” of the jury’s decision.Nicholas Porritt, a lawyer for the investors, said in a statement, “We are disappointed with the verdict and are considering next steps.”
The US Securities and Exchange Commission sued him over his tweets, and Mr Musk agreed to step aside as Tesla board chairman, settling for $20m. “At one point I tweeted that I thought that, in my opinion, the stock price was too high… and it went higher, which is counterintuitive,” he told the court.
Mr Musk said he gave up on the plan to privatise Tesla after speaking with smaller investors, which led him to believe they would prefer the company to remain a public corporation.James Murdoch, son of Rupert Murdoch, was among Tesla directors who testified.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk found not guilty of fraud over Tesla tweetThe Tesla boss is cleared of fraud charges over a tweet about taking the carmaker private.
Read more »
Jury in trial over Elon Musk’s Tesla ‘funding secured’ tweet begins deliberating\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
Musk found not guilty of fraud over Tesla tweetTesla boss Elon Musk is cleared of fraud charges over a tweet about taking the carmaker private.
Read more »
Musk, Tesla win securities fraud class-action lawsuitMusk, Telsa win securities fraud battle over that 'funding secured' tweet
Read more »