After allegations of fraud, US court rules against Elon Musk

A US court has acquitted Elon Musk of fraud charges brought against him after he tweeted about shares in Tesla electric vehicles, in which he confirmed that he received “guaranteed funding” to turn the company into a private entity.

And last Monday, Musk tried to convince the court that his famous tweets in 2018 about wanting to delist the company were not misleading or fraudulent, in contrast to accusations by investors that they lost millions of dollars due to this.

After nearly two hours of deliberation, the 9-member panel found that the investors who filed the lawsuit were unable to substantiate their allegations against Musk or the electric car company he runs.

The owner of Tesla and Twitter could pay out billions of dollars in damages to the electric car giant’s shareholders if a jury in a San Francisco court held him responsible for the alleged investor misinformation.

Source: Wall Street Journal.

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