Musk Misled Twitter Investors, Jury Says
Photographer: David Paul Morris/Bloomberg
Elon Musk defrauded Twitter investors when he disparaged the company in 2022 in an effort to buy the social media platform for a lower price than his original $44 billion bid, a jury concluded.
Jurors in federal court in San Francisco on Friday found that Musk intentionally misled Twitter shareholders with his tweets about fake accounts and attempts to back out of the deal, Isaiah Poritz and Jef Feeley report. The jury rejected two of the four fraud claims.
The eight-member panel calculated how much Musk’s statements drove down the company’s stock price ...