Elon Musk found liable for misleading investors
Elon Musk has been found liable for misleading investors related to his $44 billion Twitter takeover.
The case focused on Musk's tweets from May 2022, where he argued that Twitter's disclosed estimate of roughly 5% spam/nonhuman accounts understated the true number, and he asserted the true share of fake/spam accounts was closer to 20%.
Shareholders argued these mixed signals led to a big drop in Twitter's stock price and hurt those who sold shares during that time.
Jury said Musk was responsible for 2 misleading tweets
After three days of debate, the jury said Musk was responsible for two misleading tweets but cleared him of intentionally trying to defraud anyone or making false claims on a podcast.
Damages for affected shareholders are still being worked out, so the legal drama isn't over yet.