"The jury awarded shareholders between about $3 and $8 per stock per day Musk's fortune is currently estimated at about $814 billion, much of it tied up in Tesla shares."
"Jurors were asked to decide if two tweets and comments Musk made on a podcast in May 2022 amounted to him intentionally defrauding Twitter shareholders, who sold their shares based on Musk's statements."
"Much of the trial focused on Musk's claims about the number of bots on Twitter. Musk testified that Twitter had a much higher number of fake and spam accounts than the 5% it disclosed in regulatory filings."
A jury found Elon Musk liable for misleading investors by driving down Twitter's stock price before his 2022 acquisition. The trial focused on two tweets and comments made on a podcast. While Musk was held responsible for misleading statements, he was not found to have intentionally schemed to defraud investors. The jury's verdict leaves the amount of damages unclear, but it could be in the billions. Musk's claims about the number of bots on Twitter were central to the trial, influencing his decision to retreat from the purchase.
Read at www.npr.org
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