US Jury Finds Elon Musk Misled Investors During Twitter Purchase A federal jury in California has ruled that Elon Musk misrepresented information to Twitter shareholders, contributing to a significant drop in the company’s stock price during his planned $44 billion acquisition of the social media platform. The verdict, delivered on Friday, marks a rare legal setback for Musk, who has often evaded accountability in past lawsuits. The case, a class action securities lawsuit, could result in the world’s richest person being ordered to pay billions in damages, according to calculations by the jury. The trial, which spanned three weeks in a San Francisco federal court, included in-person testimony from Musk. Jurors determined that two tweets Musk posted in May 2022 contained false claims about the financial viability of the Twitter acquisition. These statements, the jury found, played a role in driving down the company’s share price during a critical period. Investor Giuseppe Pampena filed the lawsuit on behalf of individuals who sold Twitter shares between mid-May and early October 2022. The verdict form revealed that jurors agreed Musk violated a securities rule prohibiting false and misleading statements that depress stock prices. A plaintiff’s lawyer estimated the damages at approximately $2.6 billion. However, the nine-member jury did not find Musk guilty of intentionally scheming to deceive investors, absolving him of some fraud allegations. Musk’s legal team immediately announced plans to appeal the decision, calling it a “setback.” The billionaire, who acquired Twitter in late 2022 and renamed it X, has not publicly commented on the verdict. His reputation for avoiding legal consequences—often referred to as “Teflon Elon”—has been challenged by this ruling.#tesla #elon_musk #space_x #twitter #giuseppe_pampena
