The background is a story from 2018, long before Musk bought Twitter. That’s when he tweeted about buying Tesla out of the New York Stock Exchange and claimed capital was secured for the deal.
Musk’s tweet didn’t completely unexpectedly send the stock soaring, but it then plummeted just as quickly. There was never a Tesla purchase. After the incident, a number of investors chose to take Musk to court as they believe that the billionaire misled them and is thus responsible for the financial loss they suffered.
The nine-member jury reached its decision after less than two hours of deliberation and after a three-week trial.
Musk risked having to pay out a billion in damages in connection with the lawsuit.