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.
