BREAKING UPDATE: Jury finds Elon Musk not liable for his Tesla tweet. Follow scottbudman for latest updates.
The tweets caused Twitter’s stock to surge during a 10-day period covered by the lawsuit before falling back after Musk abandoned a deal in which he never had a firm financing commitment, based on evidence presented during the three-week trial.
Nicholas Porritt, a lawyer for the Tesla shareholders, urged the jurors to rebuke Musk for his “loose relationship with the truth.” U.S. District Judge Edward Chen, who presided over the trial, decided last year that Musk’s 2018 tweets During roughly eight hours on the stand earlier in the trial, Musk insisted he believed he had lined up the funds from Saudi Arabia’s Public Investment Fund to take Tesla private after eight years as a publicly held company.
A text message that al-Rumayyan sent later in August that is part of the trial evidence also indicated that the Saudi fund was only interested in learning more about Musk’s proposal to take Tesla private at a time the company was valued at about $60 billion. Spiro, though, pointed to Musk’s track record helping to start and run a list of companies that include digital payment pioneer PayPal and rocket ship maker SpaceX, in addition to Tesla. The automaker based in Austin, Texas, is now worth nearly $600 billion, despite a steep decline in its stock price last year amid concerns that Musk’s purchase of Twitter would distract him from Tesla.
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