Jury Finds Elon Musk Misled Twitter Investors
A California jury has determined that Elon Musk misled Twitter shareholders regarding his $44 billion acquisition, potentially awarding up to $2.6 billion in damages. The class action lawsuit contended that Musk’s public statements and tweets, particularly concerning bot counts, were materially false and misleading, causing Twitter’s stock to slide. Investors argued this was a scheme to pressure the company into selling at a lower price, influenced by declines in Tesla’s stock value. Musk’s team is expected to appeal the verdict, though the jury did not find a specific scheme to defraud.
John Q. Hosedrinker