After a two-week trial, a federal jury in California has found tech mogul Elon Musk not guilty of fraud over a 2018 tweet about taking Tesla private.

The lawsuit, brought by the U.S. Securities and Exchange Commission (SEC), alleged that Musk misled investors with a tweet that said he had “funding secured” to take Tesla private.

The jury found that Musk did not act with “actual malice” when he tweeted the statement.

“The jury’s verdict is a vindication of Elon, his integrity, and his faith in the justice system,” said Musk’s lawyer, John Hueston.

The SEC had sought to bar Musk from serving as an executive or director of a publicly traded company. The verdict means Musk can remain as Tesla’s CEO and chairman.

Tesla’s stock rose 8% after the verdict was announced.

The SEC said it was “disappointed” with the jury’s decision and is “considering its options”.

The trial was closely watched by Wall Street as it could have had a major impact on executives’ use of social media to communicate with investors.

The verdict is a major victory for Musk, who has been a lightning rod for controversy since he took the helm of Tesla in 2008.

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