The jurors at San Francisco ruled that its managing director TeslaElon Musk, did not deceive investors with two tweets published in August 2018, about it considering delisting the carmaker.
The all-American tycoon electric car industry was facing charges of violating federal securities laws. However, the nine jurors of the court ruled that his post Elon Musk, it did not constitute an offence. However, the specific tweets, according to investors, caused billions of dollars in damage to the social networking platform.
As reported by GuardianMusk had posted on Twitter that it planned to acquire the electric car maker at $420 per share and that it had “secured financing” to do so. The posts sent the company’s shares up for 10 days before retreating. The decision marks a important victory for Maskwho is involved in many court cases. In all cases he has denied that he is guilty and defends his right to be able to doi free tweets.
In that case, the billionaire testified that his tweets were a democratic way of communicating and did not always affect Tesla stock in the way he expected. “Just because I tweet something doesn’t mean people believe it or that they will act accordingly“, he emphasized in front of the jury.
“Thank God, the wisdom of the people prevailed!” Musk tweeted after the verdict. “I deeply appreciate the jury’s unanimous finding of innocence in the takeover case Tesla 420 from a private company“, he added.
Source: News Beast
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