A jury on Friday decided Elon Musk didn’t deceive investors with his 2018 tweets about electric automaker Tesla.
Musk’s integrity was at stake at the trial as well part of a fortune that has established him as one of the world’s richest people. He could have been saddled with a bill for billions of dollars in damages had the jury found him liable for the 2018 tweets that had already been deemed falsehoods by the judge presiding over the trial.
The first tweet, posted just before he boarded his private jet, Musk declared he had “funding secured” to take Tesla private. A few hours later, Musk sent another tweet indicating that the deal was imminent. Nicholas Porritt, a lawyer for the Tesla shareholders, urged the jurors to rebuke Musk for his “loose relationship with the truth.”
“He was trying to include the retail shareholder, the mom and pop, the little guy, and not seize more power for himself,” Spiro said.Porritt, meanwhile, scoffed at the notion that Musk could have concluded he had a firm commitment after a 45-minute meeting at a Tesla factory on July 31, 2018, with Yasir al-Rumayyan, governor of Saudi Arabia’s wealth fund, given there was no written documentation.
“Elon Musk apparently thinks it is easier to get billions of dollars in financing than an auto loan or a mortgage,” Pollitt added.
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