"Jurors in federal court in San Francisco found that Musk intentionally misled Twitter shareholders when he tweeted that the social network 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."
"Mark Molumphy, a lawyer for the investors, said after the verdict he thinks the damages will amount to $2.6 billion. But even an award that high wouldn't dent Musk's net worth."
""This case is much bigger than Twitter, this case goes right to the heart of Wall Street and what's been going on in recent years," said Joseph Cotchett."
A jury concluded that Elon Musk intentionally misled Twitter investors in 2022, claiming the platform had too many fake accounts to reduce his $44 billion bid. The jury found him liable for fraud, calculating damages based on stock price declines over five months. The total damages could reach hundreds of millions or billions, to be determined later. This verdict represents a significant legal defeat for Musk, who has a history of winning high-stakes cases. Lawyers for the investors estimate damages at $2.6 billion, which would not significantly impact Musk's wealth.
Read at Fortune
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