A San Francisco jury found Elon Musk liable for misleading investors during his $44 billion Twitter takeover. The jury concluded that Musk's public statements, including a tweet about the deal being on hold, misled investors and drove down stock prices. However, they rejected claims of a coordinated fraud scheme. The class-action lawsuit, representing thousands of shareholders, could result in damages of billions, with compensation estimates ranging from $3 to $8 per share. Musk argued his concerns about fake accounts were legitimate, which influenced his attempt to withdraw from the deal.
"The jury concluded that Musk deliberately drove down Twitter's stock price with public statements at the time, including a tweet declaring the deal was temporarily on hold."
"Jurors indicated compensation of between roughly $3 and $8 per share, per day, for affected investors, raising the stakes of the ruling far beyond individual claims."
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