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Elon Musk found not guilty of fraud over Tesla tweet


Tesla founder 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 had lost billions of dollars because of them.

The proposed $72bn (£60bn) buyout never materialised.

If found liable, Musk could have been ordered to pay out billions in damages.

It took the nine jurors less than two hours to reach their verdict on the class-action lawsuit on Friday afternoon.

Mr Musk - who had wanted the trial moved to Texas, where Tesla is based, arguing he could not get a fair trial in San Francisco - welcomed the outcome.


Taking to Twitter, the social media platform he bought for $44bn last October, he posted: "Thank goodness, the wisdom of the people has prevailed!

"I am deeply appreciative of the jury's unanimous finding of innocence in the Tesla 420 take-private case."

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