US Court Rules Against Elon Musk's Infamous 'Funding Secured' Tweet

U.S. District Judge Edward Chen of San Francisco ruled that Elon Musk's 2018 tweets of secured funding to take Tesla, Inc TSLA private were inaccurate and reckless, Reuters reports.
The court added that "there was nothing concrete" about Saudi Arabia's sovereign wealth fund financing during that time.
In 2018, Musk met with Saudi Arabia's Public Investment Fund representatives and discussed taking Tesla private.
He did not discuss the details, such as the total amount of funding needed to take Tesla private or the price for Tesla stock.
The decision marked a significant victory for investors, alleging that Musk inflated stock prices by making false and misleading statements, causing billions of damages.
The judge refused to grant shareholders summary judgment on whether or not the allegedly false statements impacted Tesla's share prices.
The latest ruling was in line with a complaint from the U.S. SEC, which prosecuted Musk for fraud charges for the tweets in 2018 that followed Musk's exit as Tesla Chair, paying fines and agreeing to have a lawyer approve some of his tweets before posting them.
Price Action: TSLA shares traded higher by 1.77% at $814.20 in the premarket on the last check Wednesday.