{"id":604873,"date":"2023-02-05T07:49:07","date_gmt":"2023-02-05T13:49:07","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/05\/jury-rules-elon-musk-is-not-liable-for-shareholder-losses-after-funding-secured-tweets\/"},"modified":"2023-02-05T07:49:07","modified_gmt":"2023-02-05T13:49:07","slug":"jury-rules-elon-musk-is-not-liable-for-shareholder-losses-after-funding-secured-tweets","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/05\/jury-rules-elon-musk-is-not-liable-for-shareholder-losses-after-funding-secured-tweets\/","title":{"rendered":"Jury rules Elon Musk is not liable for shareholder losses after ‘funding secured’ tweets"},"content":{"rendered":"
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Elon Musk is off the hook for his 2018 tweets claiming he had \u201cfunding secured\u201d to take Tesla private for $420 a share. A jury found that Musk was not liable<\/a> for Tesla investors\u2019 losses, following a weeks-long trial in San Francisco.<\/p>\n

The verdict is a major victory for Musk, who could have been liable for billions of dollars in damages. Musk had testified<\/a> in federal court that just because he tweets something, it “does not mean people believe it or will act accordingly.” He also argued that he could have used his shares of SpaceX<\/a> to fund the deal.<\/p>\n

The shareholders who brought the class action suit had argued that Musk\u2019s statements about funding were false, and that they lost vast amounts of money due to stock fluctuations in the aftermath of Musk\u2019s tweets. But while the judge in the case concluded<\/a> that the tweets were “objectively false and reckless,” the jury didn\u2019t find that Musk had deliberately misled the public.<\/p>\n

While the verdict ends the years-long saga of the \u201cfunding secured\u201d tweets, the posts weren\u2019t entirely without consequences for Musk. He settled with the Securities and Exchange Commission in 2018, and stepped dow<\/a>n from his role as Tesla board chair as a condition of the settlement. Musk has long decried the SEC settlement and has said<\/a> he was \u201cforced to admit I lied to save Tesla\u2019s life.\u201d<\/p>\n

In a statement<\/a> to Bloomberg<\/em> following the verdict, Musk’s lawyer, Alex Spiro, said “the jury got it right.” Musk also weighed in \u2014 naturally, via tweet \u2014 saying he was “deeply appreciative.”\u00a0<\/p>\n

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Thank goodness, the wisdom of the people has prevailed!<\/p>\n

I am deeply appreciative of the jury\u2019s unanimous finding of innocence in the Tesla 420 take-private case.<\/p>\n<\/div>\n

\u2014 Elon Musk (@elonmusk) February 3, 2023<\/a><\/p><\/blockquote>\n<\/div>\n

Update 2\/3 7:19 PM ET:<\/strong> Added Elon Musk’s tweet about the verdict.<\/p>\n<\/div>\n

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\n Karissa Bell<\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk is off the hook for his 2018 tweets claiming he had \u201cfunding secured\u201d to take Tesla private for $420 a share. A jury found that Musk was not liable for Tesla investors\u2019 losses, following a weeks-long trial in San Francisco. The verdict is a major victory for Musk, who could have been liable<\/p>\n","protected":false},"author":1,"featured_media":604874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71823,2849,46],"tags":[],"class_list":{"0":"post-604873","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-liable","8":"category-rules","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=604873"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/604874"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=604873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=604873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=604873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}