Elon Musk has been found not guilty by a U.S. jury in a Tesla share buyback case.
Tesla investors sued Elon Musk for fraud after posting a series of tweets in August 2018. In one of them, Musk announced that he was going to buy back all Tesla shares at $420 a share and make it a private company.
Investors suffered a lot of damage and demanded multi-billion dollar compensation.
Musk’s lawyers said that at that time, the billion could indeed be bought out by Tesla. Money for this special government investment fund of Saudi Arabia.
But even without Saudi involvement, Musk could have bought out Tesla if he sold his stake in SpaceX. He himself reported this to the court.
After the jurors listened to the parties’ arguments, they left for a deliberation that took less than two hours. The jury found Musk and Tesla not guilty.
“Thank God, the wisdom of the people has won!” wrote Musk on Twitter after the end of the case. [The Verge]
Source: Iphones RU