Judge refuses to overturn jury finding Musk misled Twitter investors
Elon Musk just lost his latest court battle: a US judge has refused to overturn a jury's decision that found him liable of misleading Twitter investors during his $44 billion takeover bid back in 2022.
Judge Charles Breyer found "substantial evidence of falsity" in the tweet, which affected Twitter's stock price, though he cleared Musk on one specific tweet.
Investor class action continues, $2.5B estimate
The case centered on two tweets from May 2022, where Musk raised alarms about fake and spam accounts on Twitter.
The judge ruled the first tweet spread false information and led to a big drop in Twitter's stock, but said the second tweet didn't really move the market.
The judge also kept the investor class action going and allowed interest payments for those impacted. A lawyer for the plaintiffs had estimated damages could total about $2.5 billion.
No word yet from Musk's legal team on what comes next.