OPINION | This article contains the author's opinion.
Tesla and Twitter CEO Elon Musk won a massive legal decision stemming from a 2018 tweet.
Musk revealed that he had funding at the time to take Tesla private at $420 per share. Investors filed a lawsuit claiming that he manipulated the market and impacted Tesla’s stock price.
A jury disagreed and found that Musk was not liable. Musk has denied that his tweets had any impact on Tesla’s stock price.
Musk said, “I think you’re linking things on Twitter to the stock prices when they’re not linked.”
“That’s why I gave the example, even if I say on Twitter that I think the stock price is too high, the stock price still goes higher.”
Tesla’s stock price was down nearly 40% from last year, but is now up to 75%.
Prior to this lawsuit, Musk settled securities fraud charges with the SEC over similar tweets about taking Tesla private “without admitting or denying” the allegations.
Musk reportedly lost nearly $200 billion in net worth since November 2021, but gained $12 billion when the stock price began to rebound at the start of 2023.