Elon Musk found not guilty in Tesla shares and tweet fraud case

the billionaire Elon Musk It was declared not guilty in the fraud case over tweets he posted in 2018 claiming he was going to take Tesla out of the stock market.

a jury of California stated that Musk is not guilty to influence with their tweets the rise of the stock price manufacturer.

The lawsuit said that acted recklessly in an effort to squeeze investors who had bet against Tesla.

The members of the jury quickly reached a verdict on Friday after a three-week trial triggered by that demand.

Musk said in some tweets on August 7, 2018 that he wanted to take his company off the stock market price of $420 per share, 23% more than the closing of the previous day, he also assured that the financing was “insured”. They shot up to 11% that day, before lowering later.

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Investors who were betting on a fall in the share price believed that Musk had violated securities laws by presenting false information that had pushed up the share price and demanded compensation.

Judge Edwar Chem had already concluded that the publications were misleading and the businessman had acted in a manner “irresponsible”. Council members were also implicated by holding them responsible.

After answering the first questions in the negative, the members of the jury Musk and Tesla were exonerated.

Musk He assured on the stand that “never” had tried to mislead investors. He thought that he had access to sufficient financing, even if he knew how to sell SpaceX shares. He also recognized that He had no firm partner commitments.

Writing New Electric Autos Source: Excelsior

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