Elon Musk misled Twitter investors while trying to get out of acquisition, jury says [TechCrunch]
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Source: TechCrunch
At the time, Musk had tweeted that Twitter had too many bots, which is why he later tried to renege on the acquisition. (Twitter ended up suing Musk to force him to seal the deal.) “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk wrote on the platform that he has since renamed X. In the days after Musk posted this, Twitter shares declined 8% . Investor Giuseppe Pampena filed suit against Musk on behalf of other former Twitter investors who had sold Twitter shares between May 13 (the day of the tweet) and October 4, the day the deal was finalized. Pampena's lawsuit argued that Musk intentionally posted about his concerns with Twitter to create uncertainty about the platform's stability to artificially drive down its stock price, causing those who sold shares during that window to suffer losses. Musk's attorneys argued that he was expressing legitimate concerns about the number of bot
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- US jury finds Elon Musk misled Twitter shareholders [Yahoo! Finance]Yahoo! Finance
- Elon Musk misled Twitter investors ahead of $44 billion acquisition, jury says [MSNBC.com]MSNBC.com
- Jury finds Elon Musk misled investors during Twitter purchase, absolves him of some fraud claims [Yahoo! Finance]Yahoo! Finance
- Musk misled Twitter investors before 2022 buyout, jury says [Fortune]Fortune
- 1 Little-Known Stock to Buy to Bet on Mine-Sweeping Tech in the Strait of Hormuz [Yahoo! Finance]Yahoo! Finance
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