2023-02-06
The court hearing took place in Texas
where Tesla gigafactory is based. The nine jurors’ verdict found Elon Musk not
guilty in the case that he wanted to take Tesla to private ownership and buy
back all Tesla shares at the price of $420 in 2018. It needed $72 billion to take Tesla to private ownership.
Prior to the court process, Elon Musk paid $20 million fines and step down as Tesla’s chairman of the board as a part of settlement with SEC.
Elon Musk
tweeted “Am considering take Tesla private at $420. Funding Secured.” The Security
and Exchange Commission (SEC) accused Elon Musk of wrong doing and shareholders
accused him of misleading shareholders when he said “Funding Secured” in his
tweet.
Elon Musk felt glad with the outcome of
the verdict.
