Elon Musk acquitted in Tesla cost tweet case in 2018
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An American jury in San Francisco acquitted one of the richest people in the world, Elon Musk, in a suit by a group of Tesla investors. They tried to sue the entrepreneur for a tweet about plans to buy back the manufacturer’s shares in 2018.
“Thank God, the wisdom of the people has prevailed! I am deeply grateful to the jury for the unanimous verdict of not guilty,” Musk tweeted. The entrepreneur himself was not present at the verdict, but appeared at the trial.
Elon Musk tweeted in the summer of 2018 that he wanted to buy Tesla shares at $420 to take the company private. At that time, the shares were worth about 15% cheaper. The plaintiffs believe that the entrepreneur misled them and caused a sharp increase in the value of the shares with his tweet. They themselves suffered losses after their price fell. Mr. Musk in court called for a ban on short sales, since, in his opinion, short sellers are interested in the shares falling and Tesla closing.
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