Jury Finds Elon Musk Liable for Misleading Investors in Twitter Deal

A Jury Finds Elon Musk Liable for Misleading Investors

Following a lengthy trial, a U.S. jury has determined that Elon Musk is liable for misleading investors during his acquisition of Twitter. The case centered on two specific tweets and comments made by Musk in May 2022, which the jury found to have intentionally misled Twitter shareholders.

While the jury ruled that Musk was not involved in a scheme to defraud investors, they did find him liable for two of his statements. This ruling could result in substantial damages being awarded to thousands of shareholders who sold their shares based on Musk's declarations.

Additionally, the European Union has imposed a $140 million fine on Musk's company X, citing concerns over its business practices. This development underscores the ongoing legal and financial challenges faced by Musk following his acquisition and subsequent restructuring of Twitter into X.