US EditionElon Musk misled Twitter investors ahead of $44 billion acquisition, jury says
A San Francisco jury found Musk liable for misleading investors with tweets during his $44 billion Twitter acquisition, potentially costing him billions in damages, but cleared some fraud claims.
- On Friday, a California jury found Elon Musk misled Twitter shareholders during the runup to his $44 billion acquisition, in a verdict issued after his March 4 federal court appearance.
- After his April 2022 bid, Elon Musk publicly questioned Twitter's bot counts, and the Pampena v. Musk lawsuit was filed in October 2022 after his $54.20 per share purchase.
- Former Twitter shareholders, including retail investors and options traders, said Musk's tweets sent Twitter shares sliding by almost 10% in one session, and some sold below $54.20, while plaintiffs' attorneys said damages could reach up to $2.6 billion.
- The verdict also found Musk's attorneys argued his remarks about bots reflected legitimate concerns and did not amount to securities fraud, despite some allegations being upheld.
- Plaintiffs alleged Elon Musk was driven by Tesla stock declines that risked forcing share sales, and he later renamed Twitter as X, merging it with xAI and SpaceX.
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Musk’s plea of stock manipulation on Twitter is expected to reach a record high of 3.7 trillion won. Recently, he even posted that he would pay the salaries of unpaid TSA employees. Tesla CEO Elon Musk is now in a position where he may have to pay the largest amount in the history of U.S. securities litigation. A jury in the U.S. District Court for the Northern District of California [regarding] Elon
Jury finds Musk misled Twitter shareholders during takeover fight
A jury on Friday found that Elon Musk misled Twitter's shareholders by driving down Twitter's stock price ahead of his $44 billion acquisition of the company in 2022. The San Francisco jury were asked if two tweets and comments made by Musk on a podcast showed that he deliberately defrauded the shareholders and drove down...
Elon Musk Found Liable for Misleading Twitter Shareholders With Tweet During $44 Billion Acquisition
Elon Musk was found liable for intentionally misleading Twitter shareholders during his $44 billion acquisition of the social media platform in 2022, when Musk tweeted the deal was “temporarily on hold,” according to multiple media reports. A California civil jury in the Pampena v. Musk case found the tweet caused Twitter’s overall value to drop by nearly 10% and stocks to plummet by as much as 20%. Musk could be responsible for up to $2.6 billi…
U.S. tech billionaire Musk has suffered a defeat in a trial for his actions in the takeover of the short news service Twitter.
The takeover of the Twitter online service by Elon Musk employs a US federal court. The jury's verdict is clear. For Musk's lawyers, it means a "return".
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