Court says Musk recklessly tweeted that 'funding secured' for taking Tesla private

FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS

SAN FRANCISCO (Reuters) - A court said that Elon Musk's 2018 tweets that funding was secured to take Tesla private was inaccurate and reckless, saying "there was nothing concrete" about financing from Saudi Arabia's sovereign wealth fund at that time.

The decision by U.S. District Judge Edward Chen of San Francisco is a major victory for investors alleging that Musk inflated stock prices by making false and misleading statements, causing billions of damages.