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Elon Musk Found Liable for Misleading Twitter Shareholders Before 2022 Deal

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A California jury has ruled in favor of Twitter shareholders who accused Elon Musk of making false statements that intentionally lowered the company's stock price prior to his $44 billion acquisition in 2022. While Musk was found liable for two specific tweets, he was cleared of orchestrating a broader scheme to defraud investors. The class-action lawsuit, filed in October 2022, claimed that Musk's public comments led shareholders to sell their stocks at a loss, fearing the deal would not proceed. Damages sought by the shareholders remain unspecified. Musk's legal team argued that his statements were not materially harmful and sought to dismiss the case.

Key Details: • Jury ruled against Musk for two tweets from May 2022. • Class-action lawsuit filed in October 2022. • Musk's acquisition of Twitter was completed in October 2022. • Shareholders are seeking unspecified financial damages.

investors lawsuit stock-market elon musk twitter

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CaliforniaSan FranciscoElon MuskTwitterAlex SpiroComisión de Mercados de Valores de Estados Unidos

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