Elon Musk found not guilty of fraud over Tesla tweet

Tesla’s Elon Musk has been cleared of wrongdoing for a tweet in which he said he had”Funding secured” to take the electric carmaker back into private ownership. Shareholders argued he misled them with his posts in August 2018, and they lost billions of dollars because of them.

The proposed $72bn buyout never materialised. If found liable, Musk could have been ordered to pay out billions in damage. It took the nine juniors less than two hours to reach their verdict on the class action lawsuit on Friday afternoon.

Mr Musk who had wanted the trial moved in taxes, where tesla is based, argued he could not get a fair trial in San Francisco.