A U.S. federal court rejected billionaire Elon Musk's motion to overturn a jury verdict that found him liable for fraud against Twitter investors during the company's acquisition in 2022. Reuters reports, writes UNN.
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U.S. District Judge Charles Breyer also denied Musk's request to revoke the class-action status of the investors' lawsuit and agreed to accrue interest until the court's final decision. At the same time, the court found Musk not guilty regarding one of the disputed posts on the social network.
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The judge emphasized that even if a person changes their mind about closing a deal, it does not justify misleading investors.
"Even if the speaker changed their mind or momentarily regretted the deal, such doubts do not justify lying to the investing public,"
Investors claim that Musk deliberately made statements about a large number of bots and fake accounts on Twitter in order to renegotiate the terms of the deal or back out of it. According to the plaintiffs' lawyers, after the March verdict, Musk may be required to pay approximately $2.6 billion in compensation. The businessman later completed the acquisition of Twitter for $44 billion and renamed the platform to X.
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