What Happened
A California jury determined that Elon Musk misled Twitter investors before making a $44 billion deal to buy the company in 2022, reports CNBC.
Why It Matters
The New York Times reports that Musk had testified this month that he didn't believe his posts would spook markets, but he did say that "If this was a trial about whether I made stupid tweets, I would say I'm guilty." CNBC reports Musk's attorneys are expected to file an appeal, as damages could reach as high as $2.6 billion, according to attorneys representing the plaintiffs.
Key Details
- While finding that Musk did not engage in a specific scheme to defraud shareholders, the jury cited two of Musk's tweets, f … Read the full story at The Verge.
Background Context
A California jury determined that Elon Musk misled Twitter investors before making a $44 billion deal to buy the company in 2022, reports CNBC. The New York Times reports that Musk had testified this month that he didn't believe his posts would spook markets, but he did say that "If this was a trial about whether I made stupid tweets, I would say I'm guilty." CNBC reports Musk's attorneys are expected to file an appeal, as damages could reach as high as $2.6 billion, according to attorneys representing the plaintiffs. While finding that Musk did not engage in a specific scheme to defraud shareholders, the jury cited two of Musk's tweets, f … Read the full story at The Verge.
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Source: The Verge – Original Link
Source: The Verge
