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Musk Jury to Decide if Twitter Deal ‘On Hold’ Post Was Fraud
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The question of whether Elon Musk defrauded Twitter Inc. investors went to an eight-person San Francisco jury Tuesday afternoon, who will decide if Musk can be held liable for a 2022 tweet that said his $44 billion agreement to buy the platform was “temporarily on hold,” causing the stock price to tumble.
Twitter trial accusing Musk of driving down stock set for closing arguments
The civil trial centres on a class-action lawsuit filed just before Musk took control of Twitter, which was renamed X.
Closing arguments are set to begin in a trial in the United States pitting Elon Musk against shareholders of Twitter, now known as X, who say the world’s richest man engaged in a pattern of deceptive behaviour that misled investors as he attempted to back out of his $44bn deal to buy the social media platform in 2022.
The civil trial in San Francisco centres on a class-action lawsuit filed just before Musk took control of Twitter, which he later renamed, in October 2022, six months after agreeing to buy the embattled company for $44bn, or $54.20 per share. The price represents a fraction of the Tesla CEO’s fortune, now estimated at $839bn.
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Jury weighs claims Elon Musk misled investors in $44B Twitter deal
A jury is deliberating whether Elon Musk misled investors with comments about bot accounts while negotiating his $44 billion purchase of Twitter in 2022.
Plaintiffs say Musk’s statements drove down the company’s stock price and caused shareholder losses, while the defense argues he believed his claims were accurate and did not commit fraud.
Jurors will decide both liability and any damages, with the timeline for a verdict still unclear.
SAN FRANCISCO – A jury is now deliberating whether Elon Musk misled investors with comments he made while attempting to buy Twitter in 2022.
Jurors must decide whether Musk should be held liable for statements that plaintiffs say affected the company’s stock price during the $44 billion acquisition process. The deal was ultimately completed later that year.
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