"Musk's tweet about Twitter having too many bots led to an 8% decline in shares, prompting investor Giuseppe Pampena to file a lawsuit on behalf of affected shareholders."
"The jury was convinced by Pampena's argument that Musk intentionally created uncertainty about Twitter's stability to artificially drive down its stock price."
"Musk's attorneys claimed he was expressing legitimate concerns about the number of bots on the app, but the jury found this defense unpersuasive."
"Damages from the ruling could reach up to $2.6 billion, a relatively small amount compared to Musk's estimated net worth of over $660 billion."
A California jury found Elon Musk intentionally misled Twitter investors during his attempt to back out of a $44 billion acquisition. Musk's tweet about Twitter's bot issues led to an 8% decline in shares. Investor Giuseppe Pampena filed a lawsuit claiming Musk's statements created uncertainty, driving down stock prices and causing losses for shareholders. Musk's defense argued he expressed legitimate concerns, but the jury sided with Pampena. Damages could reach $2.6 billion, though this amount is minor compared to Musk's estimated net worth of $660 billion.
Read at TechCrunch
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