Friday, February 3, 2023

"Jury find Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets"

It was a stupid lawsuit and the judge made statements that would have resulted on him being overturned on appeal. What a waste of taxpayer dollars.

From CNBC, a few minutes ago:

  • Tesla CEO Elon Musk was found not liable in a shareholder class action suit stemming from 2018 tweets in which he said he was considering taking Tesla private.
  • The Tesla, SpaceX and Twitter CEO was sued by Tesla shareholders over a series of tweets he wrote in Aug. 2018 saying he had “funding secured” to take the automaker private for $420 per share, and that “investor support” for such a deal was “confirmed.”
  • Musk later claimed that he had a verbal commitment from Saudi Arabia’s sovereign wealth fund, and thought funding would come through at his proposed price based on a handshake. However, the deal never materialized.

Elon Musk and Tesla were found not liable by a jury in a San Francisco federal court on Friday in a class action securities fraud trial stemming from tweets Musk made in 2018.

Jurors deliberated for less than two hours before reading their verdict....

....MUCH MORE

The only good thing that came out of it was we got to see Musk's security detail outside the courtroom.

Very serious guys.

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