Elon Musk's Victory Boosts Tesla Stock

February 04, 2023 Story: Divya Sinha

Elon Musk and his company Telsa were found not liable by a US jury for misleading investors when Musk in 2018 tweeted that he had "funding secured" to take the company private.

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Following the decision, Musk expressed thanks and wrote that the wisdom of the people has prevailed.

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Reports suggest that Nicholas Porritt who is a lawyer for the investors said that they are disappointed with the verdict and are considering the next steps.

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Following the verdict, Tesla shares rose 1.6% in after-hours trading. At the press time, Telsa’s price is 189.98 USD.

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Dan Ives, an analyst at Wedbush said a dark chapter is now closed for Musk and Tesla. He added, investors feared Musk would have to sell more Tesla stock if he lost.

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According to a previous report, Tesla shares have dropped nearly 50% since Elon Musk purchased Twitter.

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Earlier, Elon Musk's involvement with Twitter has been blamed for much of Tesla's poor performance.

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