Tesla CEO Elon Musk has been cleared in a US court of misleading shareholders and damaging the company in a tweet about taking the company private.
Mr Musk tweeted in 2018 that he had "funding secured" to take the electric car company private.Tesla shareholders say Mr Musk lied when he tweeted later that day that "investor support is confirmed."
Nicholas Porritt, a lawyer for the investors, said in a statement, "We are disappointed with the verdict and are considering next steps."The world's second-richest person has previously created legal and regulatory headaches through his sometimes impulsive use of Twitter, the social media company he bought for $44 billion in October.
The stock price soared after the tweets and then fell again after August 17, 2018, as it became clear the buyout would not happen.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US court clears Elon Musk of fraud charges over 2018 tweetSan Francisco Federal Court has cleared Tesla CEO Elon Musk on claims he defrauded investors by posting on Twitter he had the funding to take the car company private. If the jury had found Mr Musk liable, he could have had to pay billions of dollars in damages.
Read more »
Some popular accounts likely to disappear from Twitter as Elon Musk ends free access to APIMove to pay-for-access application program interface continues platform owner’s push for revenue
Read more »
Tesla Model 3 the third highest selling car in AustraliaNew vehicle sales in January were the strongest in five years, with Tesla price cuts helping push it to the highest ranking ever for an EV.
Read more »
‘Good luck with that Jim’: Chalmers’ plan to remake capitalism despite high cost of livingShadow Cyber Security Minister James Paterson says it looks like Treasurer Jim Chalmers is trying to “scrap” Labor’s promise of stage three tax cuts amid his plan to “remake capitalism”. “Talking about how he’s going to personally remake global capitalism – good luck with that Jim,” Mr Paterson told Sky News Australia. “It’s very clear the Labor Party is crab walking away from this very clear commitment that they made at a time when Australians are struggling more than ever with the cost of living. “The benefits of the stage three tax cuts will flow to families earning as little as $120,000 a year, who have been counting on these tax cuts because they’re legislated. “So if they yanked it away at a time when inflation is running as high as it is, it’s going to seriously hurt family budgets and damage our tax system.”
Read more »
Rugg’s lawyer promotes workers’ right to switch off ahead of court showdownThe high-profile lawyer representing activist Sally Rugg in her legal dispute over work hours with her boss, independent MP Monique Ryan, has promoted the debate about employees’ right to switch off ahead of a Federal Court showdown between the pair.
Read more »