Reported 2018 'funding secured' Tesla tweet: SEC suit and settlement, then a 2023 jury verdict for Musk
Reuters, AP, NYT, NPR, CBS and the SEC covered Musk's August 2018 tweet saying he had 'funding secured' to take Tesla private at $420. The SEC alleged the statement lacked an adequate basis; Musk settled without admitting or denying, and a 2023 jury found him and Tesla not liable in a shareholder suit. Reported language only.
Editorial timeline of public reporting, not a legal finding.
- Musk tweets that Tesla take-private at $420 has 'funding secured' - Reuters, citing the SEC's later complaint, reported that Musk tweeted at about 12:48 p.m. ET on Aug. 7, 2018: 'Am considering taking Tesla private at $420. Funding secured.' The SEC said Tesla's stock price rose by more than six percent that day. Factbox - 'Funding secured': SEC gives timeline surrounding tweet from Tesla's Musk
- SEC sues Musk over the tweets - Reuters reported that the U.S. Securities and Exchange Commission sued Musk, calling his tweets about taking Tesla private 'false and misleading' and seeking to remove him as chief executive. NPR reported that Tesla's stock fell 14 percent the next day. Factbox - 'Funding secured': SEC gives timeline surrounding tweet from Tesla's Musk
- Musk settles with the SEC and steps down as Tesla chairman - The New York Times and NPR reported that Musk settled with the SEC without admitting or denying the allegations: he and Tesla would each pay $20 million, and Musk would give up the chairman post for at least three years while staying CEO. AP reported Tesla stock then posted its biggest gain in five years on Monday. Elon Musk Steps Down as Chairman in Deal With S.E.C. Over Tweet About Tesla
- Jury finds Musk and Tesla not liable in the shareholder suit - Reuters reported that a San Francisco jury, about two hours into deliberations, unanimously found Musk and Tesla not liable for misleading investors with the 2018 tweets. CBS reported that the judge had earlier ruled the tweets false and told the jury to treat them that way. The Washington Post covered the verdict. Tesla's Elon Musk found not liable in trial over 2018 'funding secured' tweets