Elon Musk misled investors during his Twitter takeover, jury finds
Engadget • • business
Key Points:
- A federal jury in San Francisco ruled in favor of former Twitter investors, finding that Elon Musk's tweets about fake accounts on Twitter defrauded investors during his $44 billion acquisition of the company in 2022.
- The jury rejected other allegations against Musk but determined that shareholders are owed damages, potentially amounting to billions, with compensation estimated at $3 to $8 per stock per day.
- The class action lawsuit focused on Musk's tweets in May 2022, including one stating the Twitter deal was "temporarily on hold" due to fake accounts, which caused Twitter's stock price to drop significantly.
- Musk defended his tweets as "speaking his mind" and accused Twitter executives of lying about bot numbers, while
