A jury in California has concluded that Elon Musk provided misleading information to Twitter investors ahead of his $44 billion acquisition of the platform in 2022, according to CNBC. The New York Times highlights Musk’s recent testimony, where he acknowledged that while he didn’t anticipate his tweets would impact market reactions, he admitted, “If this were about making foolish tweets, I’d plead guilty.”
CNBC notes that Musk’s legal team is poised to challenge the verdict, with potential damages estimated to reach up to $2.6 billion, as per the plaintiffs’ lawyers.
Although the jury did not find Musk involved in a deliberate plan to deceive shareholders, they pointed out that two tweets from Musk on May 13th and May 27th, 2022, were significantly misleading. These posts reportedly led some investors to offload their Twitter shares at prices lower than the offered $54.20 per share.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users
20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher.
My offer was based on Twitter’s SEC filings being accurate.
Yesterday, Twitter’s CEO publicly refused to show proof of <5%.
This deal cannot move forward until he does.
