US jury rejects claims that Musk tweets on taking Tesla private violated law

SAN FRANCISCO Jurors in a San Francisco court on Friday rejected investor claims that Mr Elon Musk violated federal securities law when he tweeted about potentially taking Tesla private.

The tweets sent the Tesla share price on a roller-coaster ride and Mr Musk was sued by shareholders who said that the tycoon acted recklessly in an effort to squeeze investors who had bet against the company.

“Ultimately, it’s about whether rules that apply to everyone else should also apply to Elon Musk,” lawyer Nicholas Porritt, who represents Mr Glen Littleton and other investors in the carmaker, had told the nine jurors during closing arguments.

“Elon Musk published tweets that were false with reckless disregard as to their truth.”

Mr Porritt had pointed to expert testimony estimating that Mr Musk’s claim about funding, which turned out not to be true, cost investors billions of dollars overall and that Mr Musk and the Tesla board should be made to pay damages.