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Jury Finds Elon Musk Misled Investors In Twitter Deal, Cleared Of Some Fraud Claims
Jury Finds Elon Musk Misled Investors In Twitter Deal, Cleared Of Some Fraud Claims
A jury in the federal court in San Francisco has found Elon Musk liable for misleading investors during the period leading up to his $44 billion acquisition of Twitter in 2022. According to the jury, Musk deliberately pushed down the company’s stock price in the months before completing the deal.
However, the panel cleared him of some fraud allegations, concluding that he did not “scheme" to mislead investors.
The civil trial revolved around a class-action lawsuit filed shortly before Musk took control of Twitter, which he later renamed X. Jurors were asked to determine whether two tweets and remarks Musk made during a podcast in May 2022 amounted to intentionally defrauding Twitter shareholders who sold their shares based on his statements, the Associated Press reported.
Nearly four days of deliberations preceded the verdict, which came close to three weeks after the trial began on March 2. The nine-member jury found Musk liable for misleading investors through two tweets, including one stating that the Twitter deal was “temporarily on hold."
At the same time, it cleared him over comments made during a podcast, concluding that those remarks did not amount to an intentional scheme to defraud.
The jury awarded shareholders damages estimated between about $3 and $8 per share per day. Lawyers representing the plaintiffs said the total compensation amounts to roughly $2.1 billion.
Musk’s net worth is estimated at about $814 billion, with much of it linked to his stake in Tesla.
Much of the trial focused on Musk’s claims regarding fake accounts on Twitter. He argued that the number of bots on the platform was significantly higher than the 5% figure reported by the company.
Musk cited what he described as Twitter’s misrepresentation of fake accounts as a reason for backing away from the purchase.
After Musk attempted to pull out of the deal, Twitter filed a lawsuit against him in a Delaware court seeking to force the acquisition. Shortly before that trial was scheduled to begin, Musk reversed course and agreed to complete the purchase at the originally agreed price.
The case largely examined whether Musk’s tweets were meant to push down Twitter’s stock value. Among them was a May 13, 2022 post stating that the deal was “temporarily on hold."
Jurors ultimately determined that two of Musk’s tweets misled investors. However, they concluded that a statement he made on a podcast was merely an opinion and therefore did not constitute fraud.
The panel also found no evidence that he had schemed to drive down the company’s stock price.
During his testimony, Musk argued that Twitter’s leadership had misled him about the number of bots on the platform and failed to disclose details about how the figure for fake accounts was calculated.
He also said that by completing the purchase at the original price, most Twitter shareholders benefited significantly from the deal. However, while the acquisition remained uncertain, Twitter’s stock fell below $33 — roughly 40% lower than Musk’s original purchase price.
The drop affected shareholders who sold their shares during the period of uncertainty, which the lawsuit claimed was triggered by Musk’s deceptive conduct.
“I can’t control whether people sell their stock, but everyone who held the stock fared extremely well," Musk said.
The plaintiffs argued that as Tesla’s stock price declined and the Twitter purchase became increasingly expensive for Musk, he posted tweets that pushed down Twitter’s share price in an attempt to renegotiate the deal at a lower value or exit it entirely.
Source: News18
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