A jury has found Elon Musk not liable for committing securities fraud over his "funding secured" tweet in August 2018 A jury has found Elon Musk not liable for committing securities fraud over his "funding secured" tweet in August 2018.  Musk stated that he had reached a handshake deal with Saudi Arabia's sovereign wealth fund that never materialized.  The jury deliberated for less than two hours before reaching its verdict. Elon Musk tweeted shortly after the decision, thanking the jury for the decision. On the other side, the Levi & Korsinsky law firm, representing shareholders in the lawsuit, stated that it is disappointed with the decision and is looking into other steps it could take. The trial was held in a San Francisco federal court even though Musk had filed a request to move it to Texas due to his belief that he would receive more fair treatment there. In 2018, Elon Musk insinuated that he could take Tesla private at a $420 share price and that funding for the deal was secured. The statement caught investors by surprise, some of whom sued Tesla's CEO.