A California jury determined that Elon Musk misled some Twitter investors with tweets after he put in a bid to buy Twitter, casting doubts about bots and spam on the platform.
A California jury determined that Elon Musk misled Twitter investors before making a $44 billion deal to buy the company in 2022, reports CNBC. The New York Times reports that Musk had testified this month that he didn’t believe his posts would spook markets, but he did say that “If this was a trial about whether I made stupid tweets, I would say I’m guilty.
” CNBC reports Musk’s attorneys are expected to file an appeal, as damages could reach as high as $2.6 billion, according to attorneys representing the plaintiffs. While finding that Musk did not engage in a specific scheme to defraud shareholders, the jury cited two of Musk’s tweets, from May 13th and May 27th, 2022, as materially false or misleading, causing some investors to sell shares in Twitter at values below the $54.20 per share bid. May 13th, 2022: >Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users May 27th, 2022: >20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. >My offer was based on Twitter’s SEC filings being accurate. >Yesterday, Twitter’s CEO publicly refused to show proof of This deal cannot move forward until he does. Musk tried to back out of his agreement in July, but after months of legal wrangling, as he accused Twitter and its execs of committing fraud, he agreed to close the deal at the original price in early October 2022. Investors filed their class action lawsuit against Musk shortly after.
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