Jury finds Elon Musk did not defraud Tesla investors with infamous 'funding secured' claim

February 04, 2023

A jury found Elon Musk not liable for costing investors millions of dollars when he issued a series of tweets saying he had "secured" funding to take the electric car maker private. Elon Musk and shareholder attorney Nicholas Porritt in federal court as U.S. District Judge Edward Chen, right, looks on in San Francisco on Jan. 24, 2023. Vicki Behringer / AP“I had no ill motive,” Musk said during nearly eight hours of testimony last month. Even before the trial, California District Court Judge Edward Chen had ruled that the tweets were false and reckless. Just three weeks after his online musings, Musk decided to scrap the take-private proposal after consulting with shareholders.