Cameron Terrell, 18, was also acquitted of two counts of attempted murder involving two other men who were not injured in the October 2017 fatal shooting of 21-year-old Justin Holmes, an innocent pedestrian.
Prosecutors contended that Terrell had become friends with gang members in the area, and he drove the getaway car after the shooting.
"Rest in peace, Justin Holmes," Terrell said at a news conference following the verdict. "He shouldn't have died that day. I pray for his family every night. This has been weighing on me every single day of my life."
Two other teens have also been charged in the murder.
Terrell's defense attorneys argued that he did not know the intentions of his passengers that night, or that they were armed.
"We tried to pick intelligent jurors who really got the way the law was supposed to work," defense attorney Jovan Blacknell said.
Terrell's parents were able to post a $5 million bond to keep their son out of prison throughout the trial.
The prosecution claimed that Terrell led a double life -- privileged high school student by day and would-be gang member by night.