Jury Finds Elon Musk Misled Investors in $44B Twitter Takeover Saga!
A federal jury in San Francisco has found billionaire entrepreneur Elon Musk liable for misleading investors with his 2022 tweets about bot accounts during his $44 billion Twitter acquisition attempt. The case centered on Musk's tweets claiming up to 20% of Twitter's users were bots, which allegedly led to an 18% drop in Twitter's stock price, harming investors. However, the jury did not find Musk guilty of scheming to commit fraud. This verdict might see Musk owing over $2 billion in damages to shareholders affected by the plunge. The verdict comes despite Musk completing the acquisition in October 2022 at the original agreed price of $54.20 per share.
Mar 21