Elon Musk has been found liable by a California jury for misleading Twitter shareholders amid his $44 billion acquisition of the social media platform in 2022.
On Friday, the jury in the class-action case Pampena v. Musk found that the Tesla mogul’s tweet claiming the deal was “temporarily on hold” was harmful and misleading, resulting in Twitter’s shares sliding almost 10% in a session. The verdict could cost Musk up to $2.6 billion in damages.
Although Musk claimed his hesitation was over Twitter’s claimed number of bots, spam and fake accounts, former shareholders felt it was a scheme to pressure the company into lowering the price of its shares. The jury unanimously determined after four days of deliberation that he did not specifically engage in a scheme to defraud investors.
Joseph Cotchett, who represents the former shareholders, told CNBC outside the San Francisco courthouse, “This is
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