Summary
A jury in California found that Elon Musk misled Twitter investors with false statements that affected the company's stock price during his $44 billion purchase attempt. Musk might have to pay damages estimated at $2.6 billion, though he plans to appeal the decision.
Key Facts
- A California jury decided Elon Musk misled Twitter investors during his $44 billion purchase deal.
- The case focused on two tweets Musk posted in May 2022, which the jury found contained false information.
- These tweets were said to cause a drop in Twitter's share price.
- Investor Giuseppe Pampena filed the lawsuit on behalf of those who sold Twitter shares from mid-May to early October 2022.
- The jury estimated potential damages at about $2.6 billion.
- Musk was not found guilty of intentionally scheming to mislead investors.
- Musk's lawyers stated he will appeal the verdict, calling it a "setback".
- Musk acquired Twitter in October 2022 and later renamed it X.
