""This is the first time a jury has held Elon Musk liable for what he's tweeting out there," attorney Mark Molumphy stated after the verdict was read."
"Attorneys indicated that Musk will owe an estimated $2.1 billion in damages to former shareholders who claim they lost out on earnings."
A federal jury in San Francisco found Elon Musk liable for trying to reduce Twitter's stock price prior to his $44 billion acquisition. Shareholders claimed they suffered losses by selling their stocks at lower prices due to Musk's inconsistent statements regarding the deal. The jury's decision marks a significant moment, as it is the first instance where Musk has been held accountable for his public statements on social media affecting stock prices.
Read at Kqed
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