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Jury Finds Elon Musk Defrauded Twitter Investors in $44B Buyout

What Happened A jury panel has officially ruled that Elon Musk, the world’s richest person and CEO of Tesla and SpaceX, engaged in securities fraud during his acquisition of Twitter in 2022. The verdict centers on tweets Musk posted during the $44 billion buyout process that the jury determined were deliberately misleading to investors. The case stems from a class-action lawsuit filed by Twitter shareholders who alleged that Musk’s social media posts during the acquisition period provided false or misleading information that affected their investment decisions.

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Musk Claims 'People Read Too Much' Into His Posts at Trial

What Happened Elon Musk took the stand to defend his social media activity, arguing that investors and the public shouldn’t interpret his posts as carefully crafted financial guidance. The Tesla and SpaceX CEO faces allegations that his public statements before purchasing Twitter in October 2022 were misleading and caused financial losses for investors. The lawsuit centers on Musk’s communications during the period when he was negotiating the Twitter deal, which began with his surprise announcement in April 2022 that he had acquired a significant stake in the social media platform.

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