Today, February 3, 2023, a California jury's decision was made stating that Elon Musk is not responsible for
losses suffered by Tesla shareholders as a result of his contentious
"funding secured" tweet from 2018.
The three-week trial over a class-action shareholder lawsuit
involving the tweet, in which the billionaire declared that he was considering
taking Tesla private for $420 per share and had "financing secured,"
came to a unanimous conclusion on Friday in US District Court.
Elon Musk put out this tweet today.
Thank goodness, the wisdom of
the people has prevailed! I am deeply appreciative of the jury’s unanimous
finding of innocence in the Tesla 420 take-private case.
Although the decision brings an end to the protracted
saga around the "funding secured" tweets, Musk still had to deal with
the fallout from the posts. In 2018, he reached a settlement with the
Securities and Exchange Commission, and a requirement of the agreement was that
he give up his position as Tesla's board chair. The SEC settlement has long
been criticized by Musk, who claims he was "forced to concede I lied to
save Tesla's life."
Telsa Shares were up today Friday February the third
$1.71 to $189.98 and up $2.74 to $192.72 in after hours trading.
Thinks are looking good for Tesla with record car demand
and settlement of this year long lawsuit.
Will Tesla continue to rise?