US judge tosses out Musk’s bid to void Twitter fraud verdict
Summary
A U.S. federal judge dismissed Elon Musk’s attempt to overturn a jury decision that found he misled Twitter investors by trying to lower the company’s stock price during his $44 billion takeover. The judge confirmed most of the verdict but cleared Musk of liability for one tweet, while also supporting investors’ request for interest on damages.Key Facts
- A U.S. judge rejected Elon Musk’s motion to void a jury verdict about Twitter stock fraud.
- The jury found Musk misled investors to reduce Twitter’s share price after agreeing to buy the company for $44 billion.
- The judge refused to decertify the group of investors involved in the case.
- Musk was found liable for two tweets from May 2022 that questioned Twitter’s number of fake accounts, causing stock price drops.
- The judge ruled Musk not responsible for a second tweet on May 17, 2022, as it did not affect stock prices.
- Investors could receive about $2.6 billion in damages and interest.
- Musk’s “420” references in court did not indicate jury bias or affect the verdict.
- Musk also faces another separate lawsuit in New York regarding delayed disclosure of his Twitter investment.
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