- A jury has found Elon Musk liable for misleading investors and deliberately driving down Twitter's stock price before his $44 billion acquisition in 2022.
- The verdict, delivered after three days of deliberation in a San Francisco civil trial, absolved Musk of some fraud allegations, stating he did not "scheme" to mislead investors.
- Jurors determined Musk was liable for two specific tweets, including one claiming the Twitter deal was "temporarily on hold," which caused shareholders to sell their shares.
- The class-action lawsuit means Musk is likely to pay billions in damages to thousands of shareholders, with awards ranging from approximately 3to3to8 per stock per day.
- The trial extensively covered Musk's claims about the high number of fake and spam accounts on Twitter, which he initially used as a reason to attempt to withdraw from the purchase agreement.
IN FULL
Elon Musk found liable for misleading investors during purchase of Twitter
