China News Service, February 4th, according to Reuters reports, on the 3rd local time, the San Francisco Federal Court formally issued a verdict on the case of Tesla CEO Musk being sued by Tesla shareholders for tweets in 2018, holding that Musk did not There is no liability for fraudulent activity through tweets or subsequent actions.
Data map: Tesla CEO Musk.
Musk reportedly tweeted in 2018 that he was considering taking Tesla private at $420 per share, adding that "funding is secured."
Shareholders are suing the statement for fluctuating stock prices, with plaintiffs seeking billions of dollars in damages.
The jury deliberated for less than two hours before reaching a unanimous verdict that neither Musk nor Tesla's board of directors engaged in fraudulent activity through the tweet or subsequent actions.
According to reports, Musk did not appear in court when the San Francisco court read the verdict, but he quickly posted on social media Twitter that he was "deeply grateful" for the jury's decision, "Thank God, the wisdom of the people won." Earlier, Musk tried unsuccessfully to request that the case be transferred to Texas on the grounds that "a California jury may be biased against him."
"We are disappointed by the verdict and are considering our next steps," Nicholas Porritt, an attorney representing Tesla investors, said in a statement.
Tesla shares rose 1.6 percent after the verdict was reported.
"The dark chapter for Musk and Tesla is now over," said investment bank Wedbush analyst Dan Ives.
He also added that "some Tesla investors are worried that if Musk loses, he may have to sell more Tesla shares."
After more than four years, the lawsuit finally came to a verdict.
However, Musk is still awaiting a judge's decision in another "2018 Tesla compensation case" in a Delaware court.