Elon Musk cleared of deceiving investors with tweet

Arabnews24.ca:Friday 3 February 2023 06:38 PM: Elon Musk did not deceive his investors when he tweeted in 2018 that he had the funding to take Tesla private, a jury has found.

Investors had sought to sue the SpaceX owner for billions of dollars because his tweet caused Tesla's shares to soar, only to crash ten days later when it became clear the deal would not happen.

An economist hired by the shareholders calculated investor losses as high as $12 billion.

On 7 August 2018 Mr Musk tweeted that "investor support is confirmed" for the deal, but testified to the court that financing never materialised.