Musk Found Liable for Misleading Twitter Investors, Jury Says

In a San Francisco courtroom, a nine-person jury ruled that Elon Musk misled Twitter investors in the run-up to the billionaire’s $44 billion purchase of the social media company in 2022. The verdict found that two tweets and a podcast comment misrepresented the deal and contributed to a drop in the stock price, but the panel did not conclude that Musk orchestrated a broader scheme to defraud shareholders. Investors had argued the tweets, including one stating that the deal was temporarily on hold, were designed to depress the stock to pressure a renegotiation. The decision leaves open the question of damages in a class-action suit brought by thousands of shareholders, many institutional investors, and a payout likely to reach billions, though the exact amount remains unsettled.

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