"A federal jury in California has found that tech tycoon Elon Musk misled Twitter shareholders, driving down the company's share price as he was poised to buy it in a $44bn deal."
"Jurors agreed that Musk violated a securities rule that bars false and misleading statements that sink a stock price, in this case that of Twitter."
"A lawyer for the plaintiffs estimated the damages at about $2.6bn. But the nine-person jury absolved Musk of some fraud allegations, finding that he did not scheme to mislead investors."
"Musk's legal team plans to appeal the decision, which follows his recent acquisition of Twitter, now renamed X."
A federal jury in California found Elon Musk guilty of misleading Twitter shareholders through false tweets in May 2022, which caused a decline in the company's share price. The jury's verdict in the class action lawsuit could result in Musk being ordered to pay approximately $2.6 billion in damages. While Musk was cleared of some fraud allegations, the ruling marks a significant legal setback for him. Musk's legal team plans to appeal the decision, which follows his recent acquisition of Twitter, now renamed X.
Read at www.aljazeera.com
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