"Jurors in federal court in San Francisco found Friday that Musk intentionally misled Twitter shareholders when he tweeted that the social network - now called X - had too many fake accounts and tried to back out of the deal."
"The eight-member panel calculated how much Musk's statements drove down the company's stock price for each trading day over a period of about five months."
"Musk was sued once again, this time accused of defrauding investors by publicly disparaging the company in an attempt to drive its stock price down."
A jury in San Francisco found Elon Musk intentionally misled Twitter shareholders regarding the number of fake accounts to lower the company's stock price before his acquisition. Musk's unsolicited offer valued Twitter at approximately $44 billion, but he attempted to back out of the deal, claiming underreported bot numbers. The jury's decision could result in Musk owing up to $2.6 billion in damages to investors, with the exact amount to be determined later. Musk is expected to appeal the ruling.
Read at 9to5Mac
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