Tesla co-founder Elon Musk has been acquitted of charges relating to his tweet which said he had secured funding to take the electric carmaker back to private ownership.
Shareholders argued he misled them with his posts in August 2018, and they had lost billions of dollars because of them.
Nine jurors reached a verdict on Friday, finding Musk not guilty, whereby he escaped payments of billions in damages.
Taking to Twitter, the social media platform he bought for $44bn last October, Musk 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.”
Central to the lawsuit was Mr. Musk’s tweet on 7 August 2018: “Am considering taking Tesla private at $420. Funding secured.”
The plaintiffs also argued Mr. Musk had lied when he tweeted later in the day that “investor support is confirmed”.
The stock price surged after the tweets but fell back again within days as it became clear the deal would not go through.
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The US Securities and Exchange Commission (SEC) sued Mr. Musk over his tweets, accusing him of lying to investors. Mr. Musk agreed to step aside as Tesla board chairman and settled for $20m.
The Tesla shareholders lawyer Nicholas Porrit said the rules should apply to everyone including musk, expressing their disappointment with the verdict.
“We are disappointed with the verdict and are considering next steps.” Mr. Porrit said.