A jury acquitted Tesla CEO Elon Musk of securities fraud, CNBC reports. February 3rd.
Jury declares Musk not responsible
Shareholders initially sued Musk over several tweets dating back to August 2018. secured funds Taking Tesla private at $420 a share would boost investor support ConfirmedPublic trading of Tesla shares was temporarily suspended, seemingly confirming Musk’s plans.
The mask also Tesla official websiteIn that letter (and his original tweet), Musk said the deal wasn’t final, but said he was considering it.
Musk’s lawyers said the Tesla CEO wasn’t thinking ahead and didn’t understand how his comments would be interpreted. He analyzed Musk’s remarks today and said:
“We’ll have to assess this on a case-by-case basis. He’s considering keeping it private and the question is whether that will actually move it forward. I have never.”
According to a previous report from Reuters, Musk said during the trial that he believed his tweets were honest. He said the Saudi Arabian Sovereign Wealth made a verbal commitment with his fund, but the fund withdrew the deal.
Shareholders argued that Musk made investment decisions based on false information because he ultimately did not take the company private. This was likely costly due to volatility in Tesla’s stock price.
The jury did not agree that this amounted to securities fraud because, after two hours of discussion today, Musk declared it not responsible.
Tesla shares (TSLA) are up 0.91% today.
Musk’s Controversial Influence on Cryptocurrencies
Musk’s attorneys said during the trial that his client was not a “murmuring monster,” highlighting the CEO’s controversial reputation.
Musk’s presence on Twitter has similarly caused division within the cryptocurrency community. Musk and his company are suing for $258 billion over his role in supporting Dogecoin with his tweets in 2022. was given. The lawsuit is not yet closed. In September it was expanded to include more members.
Musk has never faced lawsuits over his ability to influence the price of Bitcoin. Recent research.
Today’s news comes days after Tesla’s investor report revealed that the company suffered a $140 million loss on its Bitcoin investments in 2022.
Tesla will invest $1.5 billion in Bitcoin in 2021 and sold 75% of its holdings last year. Due to its sale and price fluctuations, it now holds $184 million in Bitcoin.