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The jury found Elon Musk not guilty of misleading investors along with his tweet that he had desired to take Tesla private. Investors who filed a category motion lawsuit were unable to prove that Musk harmed them along with his tweets.
The jury dismissed investor claims that Elon Musk violated federal securities law when he tweeted in 2018 about taking Tesla private. Because of this Musk is found not guilty and has won a multi-year lawsuit initiated by investors who tried guilty Tesla’s CEO for his or her poor investment decisions. A nine-member jury said the class-action investors did not prove that Musk harmed them by tweeting a couple of possible deal.
“I used to be trying my best to maintain shareholders informed and make sure that all shareholders had the identical information,” Musk told jurors.
This case has been happening for over 4 years. He and Tesla paid $20 million each in 2018 to settle a securities fraud charge brought by the Securities and Exchange Commission over the tweets. Since then, Musk has been critical of the SEC, describing how he got here under pressure as banks threatened his company and he was not able to lose Tesla. Only for this reason, he made a cope with the SEC to settle the matter.
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In regards to the Creator
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The major topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the corporate.