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A California jury decided that Elon Musk misled Twitter investors before concluding a $44 billion deal to buy the company in 2022. CNBC reports. New York Times Reports it Musk testified this month that he didn’t think his posts would spook markets, but said: “If this was a trial about whether I made stupid tweets, I would say I’m guilty.”
Musk’s lawyers are expected to file an appeal, where damages could reach $2.6 billion, according to lawyers representing the plaintiffs, CNBC reported.
While finding that Musk did not engage in a specific scheme to defraud shareholders, the jury cited two of Musk’s tweets, from May 13 and May 27, 2022, as being materially false or misleading, which led some investors to sell Twitter shares at values below $54.20 per share bid.
Twitter is temporarily addressing pending details supporting the account that spam/fake accounts actually account for less than 5% of users
20% of fake/spam accounts, while 4 times what Twitter claims, could be much higher.
My pitch was based on the accuracy of Twitter’s SEC filings.
Yesterday, Twitter’s CEO publicly refused to show evidence of a rate lower than 5%.
This deal cannot go forward until he does.