A California jury determined that Elon Musk misled Twitter investors before striking a $44 billion deal to buy the company in 2022, CNBC reports. the new York Times Musk reportedly testified this month that he did not believe his posts would move the markets, but said that “if it was a trial about whether I made stupid tweets, I would say I’m guilty.”
CNBC reports that Musk’s lawyers are expected to file an appeal, as damages could reach $2.6 billion, according to lawyers representing the plaintiffs.
Finding that Musk did not engage in any specific scheme to defraud shareholders, the jury found Musk’s two tweets dated May 13 and May 27, 2022, were materially false or misleading, causing some investors to sell shares at a price below the $54.20 per share bid on Twitter.
Twitter deal temporarily pending, details supporting calculation that spam/fake accounts actually represent less than 5% of users
The 20% fake/spam accounts, while 4x what Twitter claims, may be *much* higher.
My proposal was based on the accuracy of Twitter’s SEC filings.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
Unless he does this, this deal cannot proceed.
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