"A jury in San Francisco found Friday that tweets made by Musk about fake accounts on the platform had defrauded investors in the company. The jury sided with Musk on other allegations in the case."
"The class action lawsuit cited Musk's tweets about fake accounts on the platform, claiming he made statements that were intentionally meant to drive down Twitter's share price."
"Musk said the tweets were him 'speaking his mind' and maintained that Twitter executives had 'lied' about the number of bots on the platform."
"Former Twitter shareholders said they sold shares at deflated prices amid Musk's public waffling, which contributed to the lawsuit's claims."
A jury in San Francisco ruled against Elon Musk in a civil trial, determining that his tweets regarding fake accounts on Twitter defrauded investors. The lawsuit, part of several against Musk following his $44 billion acquisition of Twitter, claimed he intentionally misled investors to lower the stock price. Musk's tweets, particularly one stating the deal was 'temporarily on hold' due to fake accounts, led to a significant drop in Twitter's stock. The jury's decision could result in damages ranging from $3 to $8 per stock per day.
Read at Engadget
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