Elon Musk is declared innocent of fraud with his tweet post.

Musk faced charges from company partners “Tesla”, who said he cheated them on his posts in August 2018.

However, the proposed purchase of $72 billion was never materialised.

If the San Francisco jury had convicted him, he would have been ordered to pay billions of dollars in damages, the BBC writes.

It took nine jury members less than two hours to make their decision Friday afternoon.

Moose who wanted the court to move to Texas, where Tesla was placed, arguing he couldn't get a fair trial in San Francisco, he welcomed the result.

On Twitter, the social media platform he bought for 44 billion dollars last October, he posted: “Thank God, the wisdom of people has prevailed!

At the centre of the indictment was Mr. Musk's posting on Twitter on August 7th 2018: “I'm considering Tesla's private takeover with $420. Financing provided”.

The plaintiffs also argued that Musk had lied when he posted Twitter later in the day that “investor support has been confirmed”.

The stock price increased after posting on Twitter, but it fell back within days after it became clear that the deal would not be realised.

Investors' losses accounted for up to $12 billion, according to an economist employed by shareholders.

The American Paper Commission with Value and Exchange (SEC) indicted Musk for his tweets, accusing him of lying to investors. Musk agreed to leave as the chairman of Tesla's board and agreed to $20m.

During the three-week trial, Musk, who also heads SpaceX and Twitter, argued he felt there was a verbal commitment from Saudi Arabia's sovereign wealth fund for the deal.

During almost nine hours in the witness's stance, the second richest man in the world said: “simply because I post something on Twitter does not mean that people believe it or will act accordingly. ”

The shareholders had argued that “provided” suggested more than a verbal agreement.