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Elon Musk defrauded Twitter Inc. investors when he disparaged the company in 2022 in an effort to buy the social media platform for a lower price than his original $44 billion bid, a jury concluded.
Jurors in federal court in San Francisco found Friday that Musk intentionally misled Twitter shareholders when he tweeted that the social network — now called X — had too many fake accounts and tried to back out of the deal. The jury rejected two of the four fraud claims.
The eight-member panel calculated how much Musk’s statements drove down the company’s stock price for each trading day over a period of about five months. The amount of damages he must pay to individual investors — which could total hundreds of millions or even billions of dollars — will be determined at a later date when shareholders submit claims.
The verdict, following about three days of deliberations, marks a rare defeat in court for the world’s richest person, who has been dubbed “Teflon Elon” for his track record of winning high-stakes legal battles that many expected him to lose.
He prevailed in a 2023 trial over Tesla Inc. investors’ allegations that he misled th...
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