9th Circuit Court Upholds Verdict Clearing Musk, Tesla Over 2018 'Funding Secured' $420 Tweet

Nov 7, 2024, 01:51 PM

Elon Musk and Tesla Inc. have been cleared of liability over allegations that they misled investors with Musk's 2018 tweet stating he had "funding secured" to take the company private at $420 per share. The 9th U.S. Circuit Court of Appeals upheld a jury's verdict from earlier this year, rejecting investors' arguments for a new trial. The appeals court's decision ends a six-year legal saga for Musk and Tesla, affirming that they did not defraud shareholders with the tweet. This ruling represents another legal victory for Musk, who has faced multiple lawsuits and regulatory scrutiny over his public statements.