Elon Musk misled Twitter investors ahead of $44 billion acquisition, jury says
CNBC
Elon Musk was sued in late 2022 after completing his acquisition of Twitter, which he later renamed X.
A jury in California found that Elon Musk defrauded Twitter shareholders during the runup to his $44 billion acquisition of the social media company, according to a verdict issued on Friday.
Total damages could reach up to $2.6 billion, attorneys for the plaintiffs said.
The class action lawsuit, Pampena v. Musk, was originally filed in October 2022, after Musk completed his purchase of Twitter for $54.20 per share. He later renamed the company X, before merging it with his artificial intelligence company xAI, and then with SpaceX, his reusable rocket manufacturer.
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