Tesla shareholders have failed in a class action lawsuit against CEO Elon Musk over his 2018 tweets.
(Photo: dpa)
san francisco Tesla shareholders have failed in a class action lawsuit against CEO Elon Musk over his 2018 tweets. The jury concluded on Friday (local time) after only around two hours of deliberations that the plaintiffs could not prove that Musk was responsible for their losses in the stock market.
The proceedings involved two tweets in which Musk announced in August 2018 that he wanted to take the electric car manufacturer off the stock exchange. Specifically, his claims that funding for such a deal has been secured and that there is broad investor support for it are the focus. It later emerged that there were no written commitments from funders — and many key investors wanted Tesla to remain public. Musk gave up the plan a little later.