Jury finds Elon Musk misled Twitter investors
Kyiv • UNN
A jury in San Francisco found that Elon Musk intentionally lowered the value of Twitter shares through his tweets. Investors will receive thousands of dollars in compensation.
American billionaire Elon Musk was deceptive in his public statements during the key period of Twitter's acquisition in 2022, a jury has concluded. This is reported by the BBC, writes UNN.
Details
After two days of deliberations, a jury in a federal court in San Francisco unanimously ruled against the tech mogul, who was sued by a group of Twitter investors.
Speaking in court earlier this month, Musk insisted that he had not misled investors and that people had simply taken his public comments and tweets too literally.
However, the jury decided that some of his statements about problems with Twitter's user metrics, as well as hints of a possible withdrawal from the $44 billion deal, were intentionally misleading.
In Friday's ruling, the jury found that Musk artificially lowered Twitter's stock price by approximately $3-8 per share between May and October 2022 through his public statements. This means that each investor in this class action lawsuit could receive thousands of dollars in compensation.