Elon Musk wins 'funding secured' trial

(Updated - February 3, 2023 6:24 PM EST)

A California jury rejected investor claims that Elon Musk broke securities laws when he tweeted about taking Tesla (NASDAQ: TSLA) private four years ago.

In 2018, Musk tweeted, "Am considering taking Tesla private at $420. Funding secured.” The deal never came to fruition, triggering the lawsuit.

Musk testified at the trial that he was certain he had the funding in place to take the company private. He added that he did not mislead investors and was only hoping to keep them informed.

Musk said he was confident about funding from Saudi Arabia’s sovereign-wealth fund, the Public Investment Fund, to help take the company private.

The news is lifting shares of Tesla by 1.5% after-hours Friday.

By StreetInsider.com Staff

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