Elon Musk, the CEO of the car manufacturer Tesla and one of the richest men in the world, was just recently acquitted of all claims by a group of investors in the company due to alleged market abuse. The group accused him of misleading investors by tweeting that he could take the company off the market in 2018.
In a post on the social network Twitter, which Musk recently acquired, he said that he had secured the funds to take Tesla off the market. It later turned out that the deal had not been completed when he announced it and nothing came of the purchase.
A group of investors in the company filed a lawsuit against him in the company, believing that the tycoon had deceived investors by spreading false information that could affect the value of shares in the company. It is one of the main forms of marketing abuse.
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An AP report on the case says that a nine-person jury in San Francisco, California, took less than two hours to reach a decision on Musk’s acquittal of all claims by the lawsuit company.
The trial in the case lasted three weeks.
