US EditionClosing arguments set to begin in Twitter shareholder trial accusing Musk of driving down stock
Shareholders accuse Elon Musk of misleading investors over Twitter's bot accounts, impacting stock value in a $44 billion acquisition dispute, with trial focused on alleged deceptive conduct.
- On Tuesday, closing arguments begin in a San Francisco federal trial where Twitter shareholders accuse Elon Musk of deceptive conduct regarding his $44 billion acquisition of the platform.
- Musk agreed to purchase Twitter for $44 billion in 2022 but attempted to withdraw, citing claims of underreported spam and fake accounts, prompting Twitter to sue in Delaware to enforce the deal.
- Former CFO Ned Segal disputed Musk's testimony that fake accounts exceeded 20 percent, asserting the actual figure was closer to 1% and confirming Twitter never filed false reports with the Securities and Exchange Commission.
- Judge Charles R. Breyer noted that many jurors held negative views on Musk, emphasizing that a person who is "not universally liked" still deserves a fair trial before the jury decides on damages.
- Twitter paid $809.5 million in 2021 to settle claims of overstating growth and user metrics, while the SEC revealed Tuesday it is discussing a resolution with Musk regarding his failure to timely disclose his initial stake.
43 Articles
43 Articles
Elon Musk Faces Jury: Twitter Shareholder Trial on Alleged Stock Manipulation
Elon Musk Faces Jury: Twitter Shareholder Trial on Alleged Stock Manipulation Elon Musk, known as the world's richest individual, is embroiled in a legal battle as a federal jury considers allegations of stock manipulation during his Twitter acquisition. Former Twitter shareholders accuse Musk of undermining the company's stock price in 2022, claiming his public criticism damaged investor confidence and led to a reevaluation of the $44 billion d…
Twitter shareholder lawsuit accusing Elon Musk of driving down stock goes to jury: ‘Knew what he was doing’
Closing arguments concluded Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his $44 billion deal to buy the social media platform in 2022.
Elon Musk, US SEC in talks to settle lawsuit over Twitter disclosures
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