US Jury Found Elon Musk Did Mislead Twitter Shareholders
A federal jury in the United States determined this Friday that Elon Musk misled Twitter shareholders by criticizing the social network when he was about to buy it in a $44 billion deal, according to the ruling consulted by AFP.
TL;DR
- A federal jury in San Francisco determined Elon Musk misled Twitter shareholders with tweets made in May 2022.
- The tweets caused Twitter's stock price to fall.
- The jury rejected the claim of deliberate fraudulent maneuvering to lower the stock price.
- Potential damages could amount to billions of dollars.
- Musk's lawyers announced his intention to appeal the decision.
- The trial focused on Musk's claims about the number of fake accounts on Twitter.
- Plaintiffs alleged Musk's statements were a plan to pressure the board for a lower price.
- Musk eventually agreed to pay the original price for Twitter before renaming it X.
- This ruling is considered a rare judicial defeat for Musk.
- Musk was also exonerated in a defamation case in Texas on the same day.
- In 2023, Musk was exonerated of similar accusations from Tesla shareholders.