A U.S. appeals court has upheld a jury’s decision clearing Elon Musk and Tesla of liability over Musk’s 2018 tweet claiming “funding secured” for taking Tesla private. The tweet, which led to intense volatility in Tesla’s stock, drew accusations from investors that Musk’s statement caused financial losses for shareholders.
The lawsuit, initially brought by investor Glen Littleton, claimed Musk’s tweet was misleading and harmful to investors. The decision comes as Musk’s public support for Donald Trump’s recent presidential victory fuels expectations for a potentially favorable regulatory environment for Musk’s ventures.
