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Musk not liable in trial over taking Tesla private

04 February 2023 05:16 (UTC +04:00)

Tesla Inc. CEO Elon Musk was found not liable in a lawsuit over his claims in 2018 that he will take the company private at $420 per share, APA reports citing Teletrader.

After two hours of deliberation, a San Francisco jury decided that he did not breach the United States securities law after he tweeted that he has the "funding secured" to take Tesla private.

Musk was sued by the Securities and Exchange Commission (SEC) in 2018 over the tweet, which was deemed damaging to investors. As part of a settlement, Musk was forced to step down as Tesla chairman for three years and pay a $20 million fine.