SAN FRANCISCO. Elon Musk was held not responsible for the investor losses in a securities fraud trial for his 2018 tweet which heralded the idea of making Tesla private at $420 a share, continuing the string of verdicts favorable to the tech tycoon over his behavior.
The plaintiff Glen Littleton and the other participants in the class action had sued Musk and Tesla, including his board of directors, over the tweet and subsequent statements by Musk, arguing that the idea that the funding was afoot was fake. They argued that the shareholders suffered heavy financial damage as a result of the panic selling in the 10 days following the tweet.
“Thank goodness, the wisdom of the people prevailed! I deeply appreciate the unanimous decision of innocence of the jury,” Musk commented in a tweet, putting an end to allegations that he acted recklessly in discussing the plan which was only in its infancy.