Jury: Musk didn’t deceive investors with 2018 ‘funding secured’ tweets; Musk and Tesla not liable in securities fraud 

After almost five years of legal, a jury on Friday found Elon Musk and his company, Tesla CEO not liable in a securities fraud trial following ‘funding secured’ tweets. In a decisive win for the billionaire, the jury said Musk didn’t deceive investors in his ‘funding secured’ tweets.

The shareholder class action suit stemmed from 2018 tweets in which Musk said he was considering taking Tesla private. He was later sued by Tesla shareholders over a series of tweets he wrote in August 2018 that he had “funding secured” to take the electric car company private for $420 per share and that “investor support” for such a deal was “confirmed.”

After about two hours of deliberation, the nine jurors reached a verdict following a three-week trial. The outcome of the case represents a major vindication for the billionaire, who had spent about eight hours on the witness stand defending his motives for the August 2018 tweets at the center of the trial.

This is a developing story. Please check back for updates.