"The jury concluded that Musk deliberately drove down Twitter's stock price with public statements at the time, including a tweet declaring the deal was temporarily on hold."
"Jurors indicated compensation of between roughly $3 and $8 per share, per day, for affected investors, raising the stakes of the ruling far beyond individual claims."
A San Francisco jury found Elon Musk liable for misleading investors during his $44 billion Twitter takeover. The jury concluded that Musk's public statements, including a tweet about the deal being on hold, misled investors and drove down stock prices. However, they rejected claims of a coordinated fraud scheme. The class-action lawsuit, representing thousands of shareholders, could result in damages of billions, with compensation estimates ranging from $3 to $8 per share. Musk argued his concerns about fake accounts were legitimate, which influenced his attempt to withdraw from the deal.
Read at www.mediaite.com
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