Elon Musk victorious in securities case over 2018 Tesla tweet
Elon Musk -- (Photo by Britta Pedersen for AFP)

Tech billionaire Elon Musk has triumphed in a Securities and Exchange Commission case that had alleged he broke financial laws with a tweet in 2018 claiming he was going to take Tesla private, reported Axios on Friday.

A jury in San Francisco has ruled in Musk's favor, finding him not liable for securities fraud.

"In August 2018, Musk tweeted that he had 'funding secured' to take Tesla private at $420 a share," reported Kia Kokalitcheva. "Musk has since claimed (including during the trial in a San Francisco federal court) that he believed Saudi Arabia's sovereign wealth fund had committed to back the effort, and that more broadly securing capital wouldn't be a barrier in any case. Still, investors sued him and Tesla for fraud by knowingly or recklessly making the public claims, and causing them investment losses."

Musk previously agreed to a settlement with the SEC to pay $20 million and step down as chairman of Tesla.

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The billionaire has invited a firestorm of controversy over the last year after he purchased Twitter, ostensibly to reform the platform's policies around content moderation and make the site more amenable to "free speech".

Near the end of last year, he particularly triggered outrage after several journalists covering him were banned from the platform, and after he moved to prohibit people from promoting other social networks on the site.