US jury finds Elon Musk misled investors during Twitter purchase
Al Jazeera
Jury finds that two tweets posted in May 2022 by Musk contained false statements responsible for a plunge in Twitter’s share price.
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.
The verdict delivered on Friday in the class action securities lawsuit means the world’s richest person could be ordered to pay billions of dollars, according to damages calculated by jurors.
After a three-week trial in a San Francisco federal court – which included in-person testimony from Musk – the jury found that two tweets posted in May 2022 by the Tesla and SpaceX CEO contained false statements responsible for a plunge in Twitter’s share price.
Investor Giuseppe Pampena had filed the suit on behalf of people who sold Twitter shares between mid-May and early October 2022.
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