Jury finds Elon Musk misled investors during Twitter purchase
NPR • • general
Key Points:
- A San Francisco jury found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price through tweets in the months before his $44 billion acquisition of the company in 2022, but acquitted him of intentionally scheming to defraud investors.
- The class-action lawsuit focused on two tweets and a podcast comment Musk made regarding the Twitter deal's status and bot account numbers, with the jury ruling he misled investors via tweets but not the podcast statement, which was deemed opinion.
- Shareholders were awarded damages estimated at around $2.1 billion, while Musk's lawyers declined to comment on the verdict.
- Musk testified that Twitter understated the number of fake accounts on its platform, justifying his initial attempt to back
