#Musk found liable to #Twitter shareholders in #fraud lawsuit over $44 billion takeover
A #US federal #jury found #ElonMusk liable on Friday for claims he defrauded Twitter shareholders by trying to drive down the #SocialMedia company's #stock price so he could renegotiate or back out of a $44 billion takeover in 2022.
#law #tech
https://www.reuters.com/sustainability/boards-policy-regulation/musk-found-liable-twitter-shareholders-fraud-lawsuit-over-44-billion-takeover-2026-03-20/
The verdict from a #jury in San Francisco federal #court came in a closely watched civil trial where #Musk, the world's richest person, was accused of falsely claiming on #SocialMedia that #Twitter underreported how many fake & spam accounts, known as bots, were on its platform.
Damages have yet to be calculated but Francis Bottini, a lawyer for the shareholders, estimated they could total about $2.5 billion.
"Musk's status as the world's richest man is not a free pass," Bottini said in a statement. "If you're able to move markets with your tweets you're responsible for the harm you cause to investors."
He should be disqualified to be a company director.
Nonilex
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