"The jury found he misled investors by publicly questioning the platform's bot estimates and suggesting the deal could be paused, which attorneys argued drove down the company's stock price in the weeks after he signed a binding agreement."
"Jurors rejected claims that he engaged in a broader scheme to defraud investors. Attorneys estimate Musk could owe about $2.1 billion in damages to shareholders who sold stock during that period."
"Musk testified at the trial that Twitter significantly undercounted fake and spam accounts, citing that claim as his reason for attempting to back out of the deal after initially agreeing to acquire the company."
"During that stretch, Twitter's stock fell nearly 18%. After attempting to withdraw, Twitter sued in Delaware to enforce the agreement."
A jury found Elon Musk misled investors regarding Twitter's bot estimates during his 2022 acquisition, causing stock price declines. Although fraud claims were dismissed, Musk may owe approximately $2.1 billion to shareholders who sold stock during this period. Musk argued that Twitter underreported fake accounts, which influenced his decision to pause the deal. Following a lawsuit from Twitter to enforce the agreement, Musk ultimately completed the purchase. The jury deliberated for four days after a nearly three-week trial in San Francisco federal court.
Read at sfist.com
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