Home Technology Jury rules Elon Musk is not liable for shareholder losses after ‘funding secured’ tweets

Jury rules Elon Musk is not liable for shareholder losses after ‘funding secured’ tweets

It’s All Good News – Jury Rules Elon Musk Not Liable for Shareholder Losses

After recent controversy surrounding Tesla CEO Elon Musk’s ‘funding secured’ tweets, a US district court jury recently ruled that Musk was not liable.

Taking to Twitter back in August 2018, Musk declared, “they’re funding secured” relating to his desire to take the company private. In the end, no agreement was ever made and the stock price suffered.

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Shareholders, however, claimed that the tweets caused them financial distress and made it known with two separate lawsuits. This past Friday, the jury unanimously threw out the counts and sided with Elon.

How did we get here?

It all started when the Securities and Exchange Commission accused Musk of securities fraud. To prevent further issues, an agreement was reached to require that anytime Musk makes substantial company announcements, “such as financial or other information material” he’d have to have them cleared by an attorney.

This agreement soon became the source of an extraordinary amount of speculation, but it did end the months of contention between government regulators and the maverick head of Tesla.

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The Good News

As of right now, the ruling is being celebrated by many, as just one more example of Musk’s tenacity to stay ahead of the curve and come out on top.

Additionally, and more importantly, it marks the final chapter in the months-long debate with Skye and the SEC.

So What’s Next?

Musk continues to be an outspoken advocate for electric automotive transportation and is always pushing the boundaries of technology.

From a legal standpoint, it looks like he’s made it out of the court case unscathed, and can now focus on expanding his empire with confidence.

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In Conclusion

Elon Musk is out of the woods and ready to continue defining the future face of the automotive industry. So perhaps it’s best to say,

  • Haters Gonna Hate – and Musk Gonna Musk!
  • Justice is Served – and Musk Can Succeed!
  • Twitter Troubles – Now in the Rear View Mirror!

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