Tag: losses'
Jury rules Elon Musk is not liable for shareholder losses after ‘funding secured’ tweets
Elon Musk is off the hook for his 2018 tweets claiming he had “funding secured” to take Tesla private for $420 a share. A jury found that Musk was not liable for Tesla investors’ losses, following a weeks-long trial in San Francisco.
The verdict is a major victory for Musk, who could have been liable for billions of dollars in damages. Musk had testified in federal court that just because he tweets something, it “does not mean people believe it or will act accordingly.” He also argued that he could have used his shares of SpaceX to fund the deal.
The shareholders who brought the class action suit had argued that Musk’s statements about funding were false, and that they lost vast amounts of money due to stock fluctuations in the aftermath of Musk’s tweets. But while the judge in the case concluded that the tweets were “objectively false and reckless,” the jury didn’t find that Musk had deliberately misled the public.
While the verdict ends the years-long saga of the “funding secured” tweets, the posts weren’t entirely without consequences for Musk. He settled with the Securities and Exchange Commission in 2018, and stepped down from his role as Tesla board chair as a condition of the settlement. Musk has long decried the SEC settlement and has said he was “forced to admit I lied to save Tesla’s life.”
In a statement to Bloomberg following the verdict, Musk’s lawyer, Alex Spiro, said “the jury got it right.” Musk also weighed in — naturally, via tweet — saying he was “deeply appreciative.”
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.
— Elon Musk (@elonmusk) February 3, 2023
Update 2/3 7:19 PM ET: Added Elon Musk’s tweet about the verdict.
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Russia Ukraine news LATEST — Olena Zelenska warns against ‘war fatigue’ as Putin’s losses surpass 90,000
UKRAINE’S First Lady has called on the West to remain steadfast in its support for her country, as Putin continues to face massive losses.
Olena Zelenska pleaded with Ukraine’s allies to remain united in their support for the under-siege nation and not fall victim to “war fatigue.”
Speaking to The Times, she said: “It is quite understandable that the west is tired. However, this phrase, I hear it quite a lot — war fatigue — is quite a dangerous phrase for us because that is exactly what our adversary wants.
“They expect people to forget and the world to get tired of the sad news and for Ukraine to disappear from the front pages. They would then feel they had the permission to do what they want.”
This comes as Putin continues to face massive losses, with the Ukrainian Ministry of Defence reporting that Russian casualties have surpassed 90,000.
Read our Ukraine-Russia live blog below for the latest news…