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at a federal civil trial over Elon Musk 's actions amid his $44 billion acquisition of the social platform in 2022. A jury in San Francisco found Friday that tweets made by Musk about fake accounts on the platform had defrauded investors in the company.
The jury sided with Musk on other allegations in the case., it could amount to billions of dollars. Jurors calculated that shareholders should get"between about $3 and $8 per stock per day." The class action lawsuit, one of several brought against Musk in the months following his takeover of the company, cited Musk’s tweets about fake accounts on the platform. Facing a sinking Tesla share price in the days after announcing he would buy Twitter for $54.20 a share, the suit said Musk made tweets and statements that were intentionally meant to drive down Twitter's share price in an attempt to renegotiate or exit the deal." due to the number of fake accounts and bots on the platform, as well as one a few days later that suggested fake accounts might account for more than 20 percent of users. Twitter's stock During the trial, Musk said the tweets were him"speaking his mind" and maintained that Twitter executives had"lied" about the number of bots on the platform, . Former Twitter shareholders, on the other hand, said"they sold shares at deflated prices amid Musk’s public waffling." Musk faced several lawsuits during and after his $44 billion takeover of the company. That includes other shareholder lawsuits related toin disclosing his stake in the company, as well as one from former executives related to unpaid severance benefits (Musk later
Twitter Fake Accounts Federal Civil Trial
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Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsThe Associated Press
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Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsThe civil trial centered on a class-action lawsuit filed before Musk took control of Twitter.
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Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsA jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion.
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Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsA jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter’s stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.
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Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsA jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022…
Read more »
Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claimsA jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion.
Read more »