US jury finds Elon Musk misled investors during Twitter purchase

A US federal jury in California found Elon Musk liable for misleading Twitter shareholders in May 2022, causing a drop in the company's stock price. The verdict stems from a class action securities lawsuit filed by investor Giuseppe Pampena on behalf of those who sold Twitter shares between mid-May and early October 2022. The jury determined that two of Musk's tweets contained false statements violating securities rules against misleading statements that negatively impact stock prices. While absolving Musk of scheming to mislead investors, the jury's decision could result in Musk being ordered to pay billions in damages, estimated by plaintiffs' lawyers at $2.6 billion. Musk's legal team plans to appeal the verdict.

A California jury ruled that Elon Musk is liable for the decline in Twitter's stock price after he made an offer to buy the company in 2022. Investors sued Musk, alleging he intentionally disparaged Twitter to lower its stock price and secure a better deal. The trial centered on whether Musk intended to move the market with his comments about bots and spam accounts. The jury found Musk responsible for damages, though the exact amount he will pay is yet to be determined. While the jury confirmed two fraud claims, they rejected two others and found that Musk did not engage in a "scheme to defraud Twitter investors." Musk's legal team plans to appeal the verdict.

A federal jury in California found Elon Musk liable for misleading Twitter shareholders in a class action securities lawsuit. The lawsuit, filed by Giuseppe Pampena on behalf of shareholders who sold Twitter stock between mid-May and early October 2022, alleged that Musk violated securities rules by making false and misleading statements to artificially lower the company's share price. Jurors agreed that Musk's actions, including casting doubt on the number of bots on the platform, were intended to gain leverage to renegotiate or exit his $44 billion acquisition deal. As a result, Musk could be ordered to pay up to $2.6 billion in damages to shareholders who lost money due to the stock price decline.

A San Francisco jury found Elon Musk liable for misleading Twitter investors with his public statements during his 2022 acquisition of the company. The lawsuit, brought by investors like Brian Belgrave, argued that Musk's statements artificially lowered Twitter's stock price between May and October 2022. The jury determined that Musk's claims about problems with Twitter's user metrics and potential deal withdrawal were intentionally misleading, causing financial damage to investors who bought and sold shares during that period. This verdict could result in investors receiving thousands of dollars in damages. While Musk argued he did not mislead investors, the jury disagreed, holding him accountable for the market impact of his words.