Jury sides with Elon Musk and Tesla in shareholder lawsuit

Submitted by MAGA

Posted 43 days ago

A jury in San Francisco has ruled in favor of Elon Musk and Tesla in a shareholder lawsuit that claimed the CEO's 2018 tweet about taking Tesla private caused substantial losses for investors. The lead plaintiff in the lawsuit, Glen Littleton, testified that he lost over 75% of his investments following Musk's "funding secured" tweet. However, the jury unanimously found that Musk's statements did not cause the investors' losses and allowed the CEO to claim vindication for a difficult period in his professional life. If he had lost, Musk and Tesla could have been forced to pay billions of dollars in damages to investors.

The verdict is a substantial win for Musk, who has talked about how close Tesla came to bankruptcy in 2017 and how it took a turn from losses to profits a year after the tweet. Despite a 70% decline in Tesla shares from its all-time high, shares are still up 384% since the close on the day of the 2018 tweet.