Elon Musk was not liable for damages to Tesla’s stock based on a 2018 tweet, a jury ruled Friday.
The jury concluded that the lawsuit filed by investors against Musk failed to prove that his Aug. 7, 2018, tweet claiming that he was “taking Tesla private at $420” and that “funding was secured” was damaging to the investors.
This tweet, which has lingered more than four years after its initial posting, led to a Securities and Exchange Commission ruling that forced Musk to settle and have a lawyer review his tweets.
ELON MUSK PUSHES TO BRING ADVERTISERS BACK TO TWITTER DURING SUPER BOWL
The investors’ lawyers said they were “disappointed with the verdict and considering next steps,” according to CNBC.
Musk’s lawyers argued that the tweet in question was impromptu and not intended to be manipulative.
“He doesn’t think ahead of time in that rushed moment that this could be interpreted differently and what it means to him,” Musk’s attorney told the jury on Friday. “In that moment, he didn’t think, ‘How could my words be interpreted differently by you than it means to me.'”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Musk testified during the trial, noting his thought process and intent. He also admitted that he would have sold shares in SpaceX to finance a going private deal for Tesla.
