Tesla and SpaceX CEO Elon Musk has been found guilty in California of misleading investors during his $44 billion purchase of Twitter in 2022.
The class-action lawsuit, which had been filed shortly before Musk took control of the social media platform that he subsequently re-branded as X, focused on two tweets and comments made by the tech billionaire during a podcast in May 2022. Following those statements, including a post claiming that the Twitter deal was “temporarily on hold,” the company’s shares plunged by almost 10% in a single session.
The nine-man jury in San Francisco delivered its verdict on Friday, stating that the tech billionaire did mislead the shareholders, who sold Twitter shares at a lower price as a result of his announcements, with the tweets.
However, it also found that there was nothing wrong with what Musk said on the podcast and that he did not intentionally “scheme” to mislead the investors.
Hellbound and Down 