"In May 2022, Musk posted two misleading tweets and one in-person statement, including a post stating that the deal was 'temporarily on hold' while he gathered information on the amount of bots and spam on the platform."
"The jury found that Musk committed securities fraud with false or misleading statements about Twitter's fake bot accounts as he attempted to scrap or renegotiate the $44 billion deal."
"Mark Molumphy of Cotchett Pitre & McCarthy, a lawyer for the investors, estimated that damages that the jury awarded would hit about $2.6 billion."
A California jury found Elon Musk guilty of securities fraud for making false statements about Twitter's bot accounts while trying to renegotiate the $44 billion buyout. The jury deliberated for 20 hours over four days, concluding that Musk's misleading tweets and statements in May 2022 misled investors. Although the jury did not find Musk liable for an overall scheme to defraud, damages awarded are estimated to be around $2.6 billion, according to the investors' lawyer.
Read at ABA Journal
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